Retail’s Wreck: Target CEO Brian Cornell 5/19/22

The S&P 500 is on the brink of a bear market. Wednesday, the Dow fell more than 1,100 points, marking its worst sell-off in nearly two years. The S&P 500 also suffered its worst one-day decline since June 2020, and the Nasdaq Composite fell 4.7%. Those losses were driven in part by disappointing back-to-back quarterly reports from Target and Walmart that showed higher fuel costs and restrained consumer demand. Target CEO Brian Cornell reacts to the company’s first-quarter earnings report and breaks down how consumer spending has shifted as the economy moves beyond the Covid-19 pandemic. Plus, Jan Kniffen, JRK Worldwide CEO, and Aneesha Sherman, senior analyst covering apparel and specialty retail at Bernstein, react to a handful of retail earnings released this week. In this episode: Brian Cornell, @Target Jan Kniffen, @JRogersK Joe Kernen, @JoeSquawk Andrew Ross Sorkin, @andrewrsorkin Becky Quick, @BeckyQuick Cameron Costa, @CameronCostaNY