Wall Street closed with a sharp fall on Wednesday, foreshadowing the possibility of a global economic slowdown. Stocks fell drastically as many companies faced their worst losses in the market.
The Wednesday tragedy
Target Corporation lost over 25% of its stock, about $25 billion in market value—this is being called the worst fall since the Black Monday Crash in October 1987.
Dow Jones Industrial Average saw its worst one-day loss after losing 1,164.52 points—the lowest since March 2021. S&P 500 also faced its worst one-day loss since June 2020.
Amazon, Nvidia and Tesla plunged to 7%, while Apple dropped to 5.6%.
Why?
The constant decline in the stock market is a result of the rising inflation, the Russia-Ukraine war, and the ongoing pandemic lockdown in China.
With the ongoing financial instability, the stock market is expecting more losses in stocks in the upcoming weeks.
