Wall Street headed for more losses at the open following the previous day's rout amid persistently high inflation and its potential effect on corporate profits and consumer spending.
Shares in Europe and Asia fell sharply following plunging U.S. markets.
The benchmark index is now down more than 18% from the record high it reached at the beginning of the year. That's just shy of the 20% decline that's considered a bear market. The last bear market happened just two years ago, but this would still be a first for those investors that got their start trading on their phones during the pandemic. For years, thanks in large part to extraordinary actions by the Federal Reserve, stocks often seemed to go in only one direction: up. Now, the familiar rallying cry to"buy the dip" after every market wobble is giving way to fear that the dip is turning into a crater.
The Nikkei 225 in Tokyo lost 1.9% to 26,402.84 and the Hang Seng in Hong Kong dropped 2.5% to 20,120.60. In South Korea, the Kospi shed 1.3% to 2,592.34, while Australia's S&P/ASX 200 gave up 1.7% to 7,064.50.On Wednesday, retailer Target lost a quarter of its value after reporting earnings that fell far short of analysts' forecasts. Inflation, especially for shipping costs, dragged its operating margin for the first quarter to 5.3%. It had been expecting 8% or higher.
Target and Walmart each provided anecdotal evidence that inflation is weighing on consumers, saying they held back on purchasing big-ticket items and changed from national brands to less expensive store brands.
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