- Tunisia votes with Saied set for re-election
- Bagnaia sets 'example' with Japan MotoGP win to cut gap on Martin
- Intense Israeli bombing rocks Beirut ahead of war anniversary
- Mozambique vote: no suspense but some disillusion
- Austrian rapper channels anti-racist rage in Romani hip-hop songs
- Ohtani magic powers Dodgers over Padres in MLB playoff thriller
- Five of the best: Pakistan-England Test thrillers
- Man sets arm on fire as marches across US mark Gaza war anniversary
- Vietnam's young coffee entrepreneurs brew up a revolution
- Trump rallies at site of failed assassination: 'Never quit'
- Too hot by day, Dubai's floodlit beaches are packed at night
- Is music finally reckoning with #MeToo?
- Fans hail Trump's 'guts' as he returns to site of rally shooting
- Lebanon state media says Israeli strikes hit south Beirut
- Miami on track for MLS record points after win in Toronto
- Monaco take top spot in Ligue 1 with win at Rennes
- Madrid beat Villarreal to level Liga leaders Barca
- Thuram treble fires Inter past Torino and up to second
- 'Fight': defiant Trump jets in to site of rally shooting
- Mexico City's new mayor sworn in with pledges on water, housing
- Israel on alert ahead of Hamas attack anniversary
- Guardians maul Tigers in MLB playoff series opener
- Macron criticises Israel on Gaza, Lebanon operations
- French rugby player whistled but 'serene' on return amid ongoing rape case
- Retegui hat-trick fires five-star Atalanta to hammering of Genoa
- Heavyweights Australia, England off to World Cup winning starts
- Visiting UN refugee agency chief decries 'terrible crisis' in Lebanon
- Spinners come to party as England defeat Bangladesh at T20 World Cup
- Search continues for missing in deadly Bosnia floods
- Man City sink Fulham to get title bid back on track
- France's Auradou whistled on Pau return in Perpignan loss amid ongoing rape case
- A 'forgotten' valley in storm-hit North Carolina, desperate for help
- Arsenal hit back in style after Southampton scare
- Hezbollah heir apparent Safieddine out of contact after strikes
- Liverpool stay top of Premier League as Arsenal, Man City win
- In dank Tour of Emilia, Pogacar shines in rainbow jersey
- DR Congo launches mpox vaccination drive, hoping to curb outbreak
- Trump returns to site of failed assassination
- Careless Leverkusen held to Bundesliga draw
- O'Brien's 'superstar' Kyprios posts landmark win on Arc weekend
- Liverpool suffer Alisson injury blow
- Habosi helps Racing beat Vannes before Auradou's playing return
- Thousands march in London in support of Palestinians, 1 year after Oct 7
- Israel readying response to Iran missile attack
- Schutt, Mooney help Australia beat Sri Lanka in Women's T20 World Cup
- Liverpool extend Premier League lead with win at Palace
- Djokovic 'shakes rust off' to make third round of Shanghai Masters
- 'Imperfect' PSG fighting on all fronts - Luis Enrique
- Struggling Pakistan look to thwart adaptable England
- Child 'trampled to death' in asylum seekers' Channel crossing: minister
Wall Street stocks tumble following weak results from retailers
Wall Street stocks suffered one of their worst batterings since 2020 on Wednesday, as downcast earnings reports from retailers exacerbated worries about consumer resilience and corporate profitability.
With European markets also in retreat, major US indices took cues from Target, the North American-focused big-box retailer, which plunged around 25 percent after earnings missed expectations despite higher sales.
The company pointed to the hit from higher operating costs in results that echoed those of bigger rival Walmart, which had an ugly day Tuesday. The retailers said profits were under pressure and some consumers were avoiding discretionary purchases as prices for food, gasoline and other household staples rise.
All three major US indices dove, with the Dow sinking more than 1,150 points or 3.6 percent, and the Nasdaq plunging 4.7 percent.
"The big falls in shares of these retails... highlights the damage inflation is inflicting on the sector's profit margins," said Fawad Razaqzada at City Index.
"What's more, consumers are getting squeezed as well and if they now start to cut back on spending then retailers could suffer even further," he added.
Consumer-oriented names were among the most punished on Wednesday, with Procter & Gamble losing 6.2 percent, Coca-Cola 7.0 percent and Walgreens Boots Alliance 8.4 percent.
The weak results come in a market already buffeted by recession fears as the Federal Reserve raises interest rates to counter inflation
Earlier, European markets also were under pressure.
News that UK inflation spiked to a 40-year peak of nine percent in April helped push London stocks down 1.1 percent.
The figure also sent the pound sliding on worries that the cost-of-living crisis will spark a recession in Britain, in line with the Bank of England's recent forecast.
In the eurozone, Frankfurt fell 1.3 percent and Paris shed 1.2 percent in value.
Worries about weakening growth put downward pressure on oil prices, which dropped 2.5 percent, while the dollar strengthened against other major currencies.
"A recession is looking increasingly inevitable in the UK and other countries... if the inflation data does not improve," OANDA analyst Craig Erlam told AFP.
"That does not bode well for equity markets.
- Key figures at around 2110 GMT -
New York - Dow: DOWN 3.6 percent at 31,490.07 (close)
New York - S&P 500: DOWN 4.0 percent at 3,923.68 (close)
New York - Nasdaq: DOWN 4.7 percent at 11,418.15 (close)
London - FTSE 100: DOWN 1.1 percent at 7,438.09 (close)
Frankfurt - DAX: DOWN 1.3 percent at 14,007.76 (close)
Paris - CAC 40: DOWN 1.2 percent at 6,352.94 (close)
EURO STOXX 50: DOWN 1.4 percent at 3,690.74 (close)
Hong Kong - Hang Seng Index: UP 0.2 percent at 20,644.28 (close)
Shanghai - Composite: DOWN 0.3 percent at 3,085.98 (close)
Tokyo - Nikkei 225: UP 0.9 percent at 26,911.20 (close)
Brent North Sea crude: DOWN 2.5 percent at $109.11 per barrel
West Texas Intermediate: DOWN 2.5 percent at $109.59 per barrel
Euro/dollar: DOWN at $1.0462 from $1.0550 at 2100 GMT Tuesday
Pound/dollar: DOWN at $1.2344 from $1.2493
Euro/pound: UP at 84.76 pence from 84.45 pence
Dollar/yen: DOWN at 128.20 yen from 129.38 yen
burs-jmb/to
A.Motta--PC