The S&P 500 fell 165.17 points to 3,923.68, while the Dow slid 1,164.52 points to 31,490.07. The Nasdaq slid 566.37 points to 11,418.15.

The stock market took its biggest hit in nearly two years against the backdrop of Target and other major retailers reporting less than stellar performance.

Target lost a quarter of its value after reporting earnings that fell far short of analysts’ forecasts.

Walmart had also reported earlier that its profit took a hit from higher costs.

Higher inflation within the economy also compounded the outlook of investors thus a broad sell-off in the market.

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Readers Bureau, Contributor

Edited by Jesus Chan

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