Wall Street ends sharply lower as Target and growth stocks sink

U.S. stocks sank in the biggest one-day declines since June 2020 for the Dow and S&P 500. Results from Target flashed a warning sign that there would be no immediate relief from surging inflation

A trader works on the trading floor at the New York Stock Exchange in Manhattan, New York City, U.S., May 18, 2022. REUTERS/Andrew KellyUnofficially, the S&P 500 declined 4.04% to end the session at 3,923.68 points.

Wall Street's recent sell-off has left the S&P 500 trading at around 17 times expected earnings, its lowest PE valuation since the 2020 sell-off caused by the coronavirus pandemic, according to Refinitiv data., also known as Wall Street's fear gauge, rose to 31 points after falling for six straight sessions.

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