New York A bleak forecast for US retailer Target’s important holiday season is slowing Wall Street. The Dow Jones index of standard values fell 0.2 percent to 33,530 points at the opening on Wednesday. The broader one S&P 500 loses 0.5 percent to 3974 points. The index of the Nasdaq technology exchange opened almost one percent weaker at 11,260 points.
Target shares fell more than 16 percent at the start of trading after the company warned of a surprise sales decline in the holiday quarter. The retailer blamed rising inflation and “dramatic shifts” in consumer spending for the decline in demand for toys and electronics. The Greater Rival Walmartwhich, however, has more than half of its shelf space for groceries and other everyday goods, had raised its sales and profit forecast for the full year the day before.
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