* It was the worst one-day loss for the S&P 500 since
* The retailer’s results come a day after rival
* “We believe the impact on retail spending, because inflation has outpaced wages for longer than expected, is the main driver of today’s market selloff,” said
* Mega-cap growth stocks, sensitive to interest rates, added to their recent declines and dragged down the S&P 500 and Nasdaq.
* All 11 S&P 500 sector indexes declined, starting with consumer discretionary and consumer staples.
* Rising inflation, the war in
* According to preliminary data, the S&P 500 lost 163.59 points, or 4.00%, to 3,925.18 points, while the Nasdaq retreated 561.50 points, or 4.69%, to 11,423.03. The Dow Jones Industrial Average fell 1,148.11 points, or 3.52%, to 31,506.48 units.
* The S&P 500 has lost 17% year-to-date and the Nasdaq has fallen 27%, hurt by the decline in growth stocks.