Stocks tumble as heavy selling resumes | Target shares plummet | Names that fare well in high inflation

The major averages fell Wednesday as retailers' earnings reports raised fears of a consumer slowdown.

VIEW IN BROWSER | SUBSCRIBE WED, MAY 18, 2022 EVENING BRIEF AS OF WED, MAY 18, 2022 • 05:15 ET DJIA 31490.07 -3.57% -1164.52 S&P 500 3923.68 -4.04% -165.17 NASDAQ 11418.15 -4.73% -566.37 Most Active DOW NAME LAST CHG %CHG AAPL 140.82 -8.42 -5.64% CSCO 48.36 -2.24 -4.43% INTC 42.35 -2.05 -4.62% S&P 500 NAME LAST CHG %CHG AMD 96.28 -6.19 -6.04% AAPL 140.82 -8.42 -5.64% F 12.78 -0.75 -5.54% NASDAQ NAME LAST CHG %CHG AMD 96.28 -6.19 -6.04% AAPL 140.82 -8.42 -5.64% NVDA 169.38 -12.39 -6.82% EDITOR'S NOTE Investors returned to heavy selling on Wednesday after the latest earnings reports from retail giants Target and Walmart triggered concerns of a consumer slowdown.   The Dow Jones Industrial Average tumbled more than 1,100 points to mark its biggest slide since June 2020. The S&P 500 also notched its worst decline since 2020. The Nasdaq Composite fell 4.7%.   For some investors, Wednesday may mark a new chapter in the market downturn.   "Initially this was a sell-off based on interest rate fears and based on financial conditions tightening. Today it has all the elements of also being a growth scare," Allianz chief economic advisor Mohamed El-Erian said on CNBC's "Closing Bell" on Wednesday.   Investors are concerned retailers are finding it difficult to pass on costs to shoppers amid rising inflation after disappointing reports from Target and Walmart.    Shares of other retailers took a hit on Wednesday following Target's results. Amazon's stock price dropped nearly 7.2%, and Best Buy fell 10.5%. Shares of Dollar General slipped 11.1%, and Dollar Tree declined 14.4%.    "The consumer is challenged," said Megan Horneman, chief investment officer at Verdence Capital Advisors. "We started to see at the end of the year that consumers were turning to credit cards to pay for the rise in food prices, rise in energy prices, and that's actually gotten much worse."    Sarah Min | Investing Reporter at CNBC Pro @_sarahmin Watch our live stream for all you need to know to invest smarter. TOP NEWS  Dow drops 1,100 points for its biggest decline since 2020 as the sell-off this year on Wall Street intensifies Target shares sink more than 25% after company says high costs, inventory woes hit profits Here's what Walmart, Target, Home Depot and Lowe's tell us about the state of the American consumer Jeremy Grantham says today's bubble is worse than 2000, calling stocks to at least double the losses Unlike Walmart and Target, these stocks tend to do well when inflation is high Here are some hedge funds that foresaw the tech fallout. And some that didn't U.S. reopens Kyiv embassy; Turkey rejects swift NATO approval for Finland and Sweden Gasoline could top $5 a gallon this summer, causing more pain for consumers The sell-off has entered 'a new phase,' Allianz's El-Erian says. How investors can deal with it U.S. faces unnecessary Covid deaths if Congress fails to pass funding bill, top health official warns TOP VIDEO There's potentially a lot more room on the downside for equities, says Peter Boockvar CNBC PRO Apple may have to slide a lot further before the market sell-off stops, trader says SPECIAL REPORTS Scammers are taking advantage of a baby formula shortage, Federal Trade Commission warns Female-led Disruptors are defying the odds and tackling massive social problems Unsubscribe Manage Newsletters Terms of Service Join the CNBC Panel Digital Products Feedback Privacy Policy © 2022 CNBC LLC. All rights reserved. A property of NBCUniversal. 900 Sylvan Avenue, Englewood Cliffs, NJ 07632 Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes and Market Data and Analysis. Data also provided by THOMSON REUTERS