The shares of several U.S. retailers slid after a grim outlook from Target for the crucial holiday quarter
With annual inflation running at 7.7% in October and high interest rates, shoppers are reining in discretionary spending, bad news for retailers that rely on year-end shopping to boost annual sales.after no growth in September.
"There was an expectation already that retailers are going to have a tough holiday quarter. I do think that overall the sentiment will be overshadowed by hopes of less aggressive Federal Reserve and inflation," said Fiona Cincotta, market analyst at City Index in London.
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