By Medha Singh
(Reuters) – The S&P 500 hit a three-week low on Tuesday, as weak earnings from retailers including Target and Kohl’s as well as a fall in energy shares added to worries for Wall Street, which is still reeling from a selloff in technology stocks.
Target Corp shares (N:TGT) slumped 10.28 percent after the retailer’s third-quarter profit missed analysts’ estimates as investments in its online business, higher wages and price cuts hurt margins.
Department store operator Kohl’s Corp (N:KSS) shed 9.42 percent after its full-year profit forecast fell below expectations.
Warnings from retailers prompted caution ahead of the holiday season, increasing selling pressure on equities as investors fret about a slowdown in global growth, peaking corporate earnings and rising interest rates.
Apple Inc (O:AAPL) shares fell 3.80 percent amid concerns about slowing demand for iPhones. The stock, which has led the market through much of its bull run, is at its lowest level since early May.
The tech-heavy Nasdaq fell to its lowest level in more than seven months and is now down about 14.6 percent from its record closing high in late August.