Major U.S. stocks dropped Wednesday after major retailers reported disappointing quarterly earnings, and amid investor concern over rising inflation.
The Nasdaq fell 3.8% to 11,532.74, while the S&P dropped 2.9% to 3,968.82 and the Dow lost 2.5% to 31,847.72.
Crude oil decreased 2.4% to $109.74 a barrel.
Gold was flat at $1,820 an ounce.
The yield on a 10-year Treasury bond was down 1.4% to 2.926%.
Boot Barn Holdings Inc. (NYSE: BOOT) led losses among OC retailers in Wednesday midday trading with shares slipping 17% to $77.05 and a $2.3 billion market cap. Major retail indexes are down more than 5% as investors worry about the impact of inflation, which is currently outpacing wage increases.
Irvine-based Tilly’s (NYSE: TLYS) fell 4.9% to $8.31 and a $253.4 million market cap. Shares are near their 52-week low of $8.15.
Cerritos-based Revolve Group Inc. (NYSE: RVLV) dropped 9% to $26.58 and a $2 billion market cap. Shares hit a new 52-week low on Wednesday of $26.36.