( Fox )
U.S. stocks saw steep selling midday Wednesday as more retailers reveal the negative impact of inflation.
The Dow Jones Industrial Average fell over 1,000 points or 3.4%,
The Nasdaq tumbled 4.5% and the S&P 500 3.8%.
Target shares tanked after disclosing rising costs will hurt profitability for the remainder of the year. This follows Walmart's lower-than-expected profit report Tuesday that was also blamed on inflation. The Fed will "have to consider moving more aggressively" if inflation that is running at a four-decade high fails to ease after earlier rate hikes, chair Jerome Powell said at a Wall Street Journal conference.
Lowe's reported a 3.8% drop in U.S. store sales due to a late spring selling season.
In commodities, oil slipped to the $106 per barrel level. Gas prices rose to $4.567 per AAA, a fresh record.
In cryptocurrencies, Bitcoin fell back below $30,000 following stocks lower.