US stocks have plummeted. The US index Dow Jones Industrial closed 3.6 percent in the minus. The broader S&P 500 fell 4 percent, to 3923.68 points. That is the highest loss within a day since June 2020.
Nasdaq technology exchange also lost sharply. The stock ended at 11,418.15 points, a loss of 4.7 percent. Highly indebted technology companies are particularly affected by rising interest rates.
Retail chain Target was the big loser on the stock market. The company’s stock plunged nearly 25 percent in value, its biggest one-day loss since 1987. Due to increased fuel and freight costs, the company warned it will cut profits.
In the wake of Target, supermarket chain Walmart also lost a lot. This company also warned of smaller margins and saw its shares fall 11.4 percent. This chain also saw its biggest loss since 1987. The shares of other retail chains also plummeted. Department store chain Macy’s went down by almost 11 percent. Bed Bath & Beyond lost 8.9 percent.
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