Stock Market Today: Stocks Drop After Target Earnings, Fed Minutes

The major indexes fell after Target (TGT) reported plunging profits in Q2, and failed to recover after the release of the Fed's July meeting minutes.

Minnie Mouse and Doc McStuffin toys discounted at Target
(Image credit: Getty Images)

Stocks took a sharp turn lower in early trading Wednesday, as a major earnings miss from one of the nation's biggest retailers shocked investors.

Ahead of the opening bell, Target (TGT) said its second-quarter earnings plunged 90% year-over-year to 39 cents per share – missing analysts' consensus estimate by a mile – as the company aggressively marked down excess inventory. But, even though CEO Brian Cornell said on the company's earnings call that "the vast majority of the financial impact of these inventory actions is now behind us," TGT stock fell 2.6% today.

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Karee Venema
Senior Investing Editor,

With over a decade of experience writing about the stock market, Karee Venema is the senior investing editor at She joined the publication in April 2021 after 10 years of working as an investing writer and columnist at Schaeffer's Investment Research. In her previous role, Karee focused primarily on options trading, as well as technical, fundamental and sentiment analysis.