Inflation in the USA was recently not as strong as expected.
(Photo: Reuters)
new York A gloomy forecast for US retailer Target’s important holiday season has slowed Wall Street. The Dow Jones index of standard values showed little change on Wednesday at 33,618 points. The broader S&P 500 lost 0.6 percent to 3968 points. The Nasdaq technology exchange index fell more than one percent to 11,207 points.
Target collapsed more than 16 percent at the top after the group had warned of a surprising drop in sales in the Christmas quarter. The retailer blamed rising inflation and “dramatic shifts” in consumer spending for a drop in demand for toys and electronics. The forecast rocked the retail sector, with Macy’s, Best Buy and Dollar Tree slipping between 2.2 percent and 8.6 percent.
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