Markets Finish Sharply Lower Amid Weak Retail Earnings; Dow Suffers Worst Decline Since June 2020

U.S. indices traded sharply lower Wednesday following worse-than-expected retail earnings this week. Anticipation of further Fed policy tightening has continued to weigh on stocks across sectors.

  • The Nasdaq composite finished lower by 4.7% to 11,418.15; The Invesco QQQ Trust Series 1 QQQ lost 4.91% to $291.14
  • The S&P 500 traded lower by 4.03% to 3,924; The SPDR S&P 500 ETF Trust SPY lost 4.01% to $391.86
  • The Dow Jones composite finished lower by 3.5% to 31,490.07; The SPDR Dow Jones Industrial Average ETF Trust DIA finished lower by 3.53% at $315.55

Here are the day's winners and losers from the S&P 500, according to data from Benzinga Pro.

TJX Companies Inc TJX, NRG Energy Inc NRG and Assurant, Inc. AIZ were among the only gainers.

Target Corporation TGT, Dollar Tree, Inc. DLTR and Old Dominion Freight Line Inc ODFL were among the top losers.

Elsewhere On The Street

"Daily Show" host Trevor Noah recently criticized the tax laws that allow billionaire Tesla Inc. TSLA CEO Elon Musk to borrow money tax-free using his Tesla shares as collateral to fund his $44 billion proposed buyout of Twitter Inc TWTR... Read More

Walmart, Inc WMT stock was falling further Wednesday after plummeting over 11% on Tuesday following its first-quarter 2023 earnings print... Read More

Benzinga’s weekly Stock Wars matches up two leaders in a major industry sector with the goal of determining which company is the better investment. This week, the duel is between two major radio broadcasters... Read More

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