Dow drops 1,100 points for its biggest decline since 2020 as the sell-off this year on Wall Street intensifies; European stocks close lower as UK inflation hits 40-year high; Stoxx 600 down 1.1% 
The Dow Jones Industrial Average posted its biggest loss since 2020 on Wednesday after another major retailer warned of rising cost pressures, confirming investors’ worst fears over rising inflation and rekindling the brutal 2022 sell-off. 
The Dow shed 1,164.52 points, or 3.57%, to 31,490.07, the average’s biggest decline since June 2020. It was the lowest close for the Dow since March 2021. 
The S&P 500 traded 4.04% lower to 3,923.68, also the worst drop since June 2020. The Nasdaq Composite slipped 4.73% to 11,418.15, which is the largest fall in the tech-heavy index since May 5. The selling was broad and intense on Wall Street with just eight members of the S&P 500 in the green. 
Markets returned to heavy selling after two back-to-back quarterly reports from Target and Walmart stoked investor fears of rising inflation taking a bite out of corporate profits and consumer demand. 
Target shares tumbled 24.9% Wednesday after the retailer reported first-quarter earnings that were much lower than Wall Street estimated because of higher costs for fuel and compensation. The retailer also saw lower-than-expected sales for discretionary merchandise like TVs. 
Target shares tumbled 24.9% Wednesday after the retailer reported first-quarter earnings that were much lower than Wall Street estimated because of higher costs for fuel and compensation. The retailer also saw lower-than-expected sales for discretionary merchandise like TVs. 

The pan-European Stoxx 600 provisionally closed down by 1.1%, with tech stocks shedding 2.8% to lead losses as most sectors and major bourses entered negative territory. 
In terms of individual share price movement, wind turbine maker Siemens Gamesa jumped more than 12.5% after Reuters reported that Siemens Energy is readying a bid to buy the remaining third of the company that it does not already own. 
Toward the bottom of the European blue chip index, Anglo-German travel operator Tui fell 13% after a share placement. 
Source: CNBC, Investing.com