The global business elite will gather for the Wold Economic Forum this week after a two-year hiatus. Wall Street is poised for more market pain is recession fears mount. Investors await a rash of economic data. Fed meeting minutes are set for release.
Shares of supermarket giant Walmart (NYSE: WMT) were hit hard this week. There was a big scare in retail during the week, when Walmart and Target (NYSE: TGT) both reported worse-than-expected first-quarter earnings. This sparked a sell-off of many retail stocks.
Target (NYSE: TGT) stock got clobbered on Wednesday after releasing a less than spectacular earnings report. The sell-off, though, wasn't only due to a quarter that's already passed; it highlights fears about how ongoing issues, specifically inflation, will affect the company -- and retailers generally -- in the near future.