S&P 500 and Nasdaq fall | Target’s warning | Fed’s Daly and Waller on upcoming rate hikes

Retail was a key theme for investors on Wednesday.

VIEW IN BROWSER | SUBSCRIBE WED, NOV 16, 2022 EVENING BRIEF AS OF WED, NOV 16, 2022 • 04:55 ET DJIA 33553.83 -0.12% -39.09 S&P 500 3958.79 -0.83% -32.94 NASDAQ 11183.66 -1.54% -174.75 Most Active DOW NAME LAST CHG %CHG AAPL 148.79 -1.25 -0.83% INTC 29.53 -1.18 -3.84% CSCO 44.39 -0.51 -1.14% S&P 500 NAME LAST CHG %CHG CCL 9.63 -1.53 -13.71% AMZN 97.12 -1.82 -1.84% AMD 72.70 -3.67 -4.81% NASDAQ NAME LAST CHG %CHG AMZN 97.12 -1.82 -1.84% AMD 72.70 -3.67 -4.81% TSLA 186.92 -7.50 -3.86% EDITOR'S NOTE Retail was a key theme in the market on Wednesday after Target and Lowe's reported different outlooks for the holiday shopping season and investors digested positive U.S. sales data.   The S&P 500 was down for most of the trading session, and the Nasdaq Composite suffered a deeper loss. The Dow Jones Industrial Average wavered over the flat line, but ultimately slipped at the close.   Target and Lowe's were a tale of two retailers – with the former warning of a weak holiday shopping season while the latter raised its full-year earnings forecast. Both agreed, however, that they expect to see higher shrinkage and are investing in staff. Target closed down 13%, while Lowe's gained 3%. The SPDR S&P Retail ETF (XRT) ended the day down by more than 3%. Bed Bath & Beyond, Macy's, Nordstrom, Kohl's and Gap were among the notable losers in retail.   As investors digested corporate earnings, the Commerce Department also reported a 1.3% rise in retail spending for October, slightly more than economists forecasted, according to Dow Jones.   The mixed picture allowed for some bright spots. TJX Companies rose to its all-time high level going back to 1987, closing higher by more than 5%. Shares of Home Depot  and Walmart also rose slightly. Tanaya Macheel | Markets and Investing Reporter @tanayamac Watch our live stream for all you need to know to invest smarter. TOP NEWS  S&P 500 closes lower after Target's warning drags on retail stocks, Nasdaq falls 1.5% Gemini, BlockFi, Genesis announcing new restrictions as FTX contagion spreads Fed's Daly sees rates rising at least another percentage point as 'pausing is off the table' Target shares plunge after retailer reports profit decline, warns of soft holiday quarter 'Big Short' Michael Burry on his current positioning: 'You have no idea how short I am' Fed's Waller says he's open to a half-point rate hike at December meeting Vanguard says 60-40 investing strategy is not dead and will work out again for investors Key House lawmaker calls collapse of crypto exchange FTX 'a dumpster fire' as Financial Services Committee investigates Biden administration warns of 'historically large increase' in student loan defaults without debt forgiveness iPhone 14 Pro ship times slip past Christmas weeks after Apple warned of production issues TOP VIDEO Target's earnings highlight a decline in consumer discretionary spending CNBC PRO 8 retail stocks to buy from top analysts as Target signals tough times for the sector SPECIAL REPORTS It's been a rough year for crypto — but investors still may have a tax bill. Here's how to prepare Credit card balances jump 15%, highest leap in over 20 years, as Americans fall deeper in debt 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