By David French and Ambar Warrick
NEW YORK (Reuters) – Benchmarks on Wall Street ended lower this Wednesday, amid inflation fears and supply chain concerns inflated by retailers’ profits, with investors betting the US central bank will raise interest rates sooner than expected to control rising prices.
Target Corp was the latest major retailer to report positive results, raising its annual forecasts and surpassing profit expectations, citing an early start to year-end shopping.
But the company’s shares fell 4.7%, following the decline in Walmart shares on Tuesday, as both retailers signaled their third-quarter margin impact from supply chain problems.
The Dow Jones index fell 0.58%, to 35,931 points, while the S&P 500 lost 0.260163%, to 4,689 points. The Nasdaq technology index retreated 0.33% to 15,922 points.
The Dow was also affected by the 4.7% drop in Visa Inc shares. Amazon.com Inc said it would stop accepting cards issued by the operator in the UK due to high transaction fees.
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