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Wall St Drops as Growth Stocks Shift, Target Weighs on Retail Stocks

Wall St Drops as Growth Stocks Shift, Target Weighs on Retail Stocks

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Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, US, Aug. 15, 2022. REUTERS/Brendan McDermid Register now for FREE unlimited access to Reuters.com Register US retail sales flat in July; core sales up Retailer Target’s quarterly profit slumps Indices down: Dow 0.80%, S&P 1.07%, Nasdaq 1.66% Aug 17 …

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HALLANDALE BEACH, FLORIDA - MAY 18: People wearing protective masks walk from a Walmart store on May 18, 2021 in Hallandale Beach, Florida. Walmart announced that customers who are fully vaccinated against Covid-19 will not need to wear a mask in its stores, unless one is required by state or local laws. The announcement came after the Centers for Disease Control and Prevention said that fully vaccinated people do not need to wear a mask or stay 6 feet apart from others in most cases, whether indoors or outdoors. (Photo by Joe Raedle/Getty Images)

Target profit drops 90% as inflation-weary shoppers pull back

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But Target reported that its price cuts did little good: It ended the quarter with 1.5% more inventory than three months earlier and 36% more than a year ago. The company said it has reduced the amount of discretionary items in warehouses, but Target noted that sales of those items are “putting significant pressure on …

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