Dow Jones Plunges 1,100 Points as Retailers’ Profits Crushed by Rampant Inflation

Traders work on the floor of the New York Stock Exchange in New York City on March 30, 2022. Michael M. Santiago/Getty Images

The Dow Jones Industrial Average tumbled 1,164 points as of midday Wednesday amid fears of inflation and a looming recession.

Target’s shares dropped after it revealed that inflation-caused higher costs will hurt the retailer’s profitability for the rest of the year. A day before that, Walmart issued a similar profit report that it also blamed on inflation.