Stocks tanked as investors worried about inflation’s impact on consumer spending.
The selloff on Wall Street intensified by the afternoon: The Dow Jones Industrial Average fell 2.5%, over 800 points, while the S&P 500 lost roughly 3% and the tech-heavy Nasdaq Composite 3.5%.plunged 25%
The news followed a gloomy outlook from Walmart on Tuesday, with the nation’s largest retailer badly missing earnings expectations due to rising costs, causing shares to fall 11% in their largest one-day drop since 1987.
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