The S&P 500 fell on Wednesday as investors weighed a gloomy holiday quarter update from Target that pressured retail stocks.
The Dow Jones Industrials stayed buoyant 22.82 points to launch into noon hour at 33,615.74
The S&P 500 moved lower 19.8 points to 3,971.93
The NASDAQ faltered 134.33 points, or 1.2%, to 11,224.08.
Those moves came after Target reported a decline in sales as families deal with high inflation heading into the biggest shopping season of the year for retailers. The warning weighed on stocks, sending Target down more than 15% and on pace for its worst day since May. Advanced Auto Parts and Target tumbled by double digit percentages. Macy's, Kohl's, Nordstrom and Gap were also down big.
A Wells Fargo analyst upgraded Oscar Health to overweight from equal weight, saying the outlook for the health insurance company appears “favorable” after the stock cratered 63% in 2022.
Prices for the 10-year Treasury fell hard, raising yields to 3.73% from Tuesday's 3.98%. Treasury prices and yields move in opposite directions.
Oil prices docked $2.47 to $84.45 U.S. a barrel.
Gold prices added $1.50 to $1,778.30 U.S. an ounce.