Morning Report 19 May 22: US sharemarkets slumped on Wednesday

Retailer Target said its first-quarter profit fell by half and the company warned of a bigger margin hit on rising fuel and freight costs. Shares in Target fell by 24.9%, the biggest drop since the 1987 sharemarket crash. Earlier on Tuesday, Walmart trimmed its profit forecast, its shares falling 11.4%. Shares in Walmart fell a further 6.8% on Wednesday. Shares in Tesla fell by 6.8% and shares in Apple lost 5.6%. The Dow Jones index lost 1,165 points or 3.6%. The S&P 500 index lost 4.0% and the Nasdaq index fell by 566 points or 4.7%.

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