The Dow Jones Industrial Average fell more than 1,100 points, while the S&P 500 fell the most in over two years. Target and other large retailers reported disappointing earnings on Wednesday, fueling market concerns that rising inflation may bite into corporate profits.

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The wide sell-off erased gains following a good rise the day before, the most violent day-to-day swing for equities in recent weeks as the market continues to fall.

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The S&P 500 fell 4%, its worst drop since June 2020. The benchmark index is currently down more than 18% from its all-time high set at the start of the year. This is less than the 20% loss termed a bear market.

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The Dow dropped 3.6%, while the Nasdaq fell 4.7%. The three indexes are on pace to extend a string of at least six weekly losses.

The S&P 500 fell 165.17 points to 3,923.68, while the Dow slid 1,164.52 points to 31,490.07. The Nasdaq slid 566.37 points to 11,418.15.

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Smaller company stocks also fell sharply. The Russell 2000 fell 65.45 points, or 3.6%, to 1,774.85.

Retailers were among the biggest decliners Wednesday after Target plunged following a grim quarterly earnings report.

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Target lost a quarter of its value after reporting earnings that fell far short of analysts’ forecasts. The report comes a day after Walmart said its profit took a hit from higher costs. The nation’s largest retailer fell 6.8%, adding to its losses from Tuesday.

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Other big retailers also racked up hefty losses. Dollar Tree fell 14.4% and Dollar General slid 11.1%. Best Buy fell 10.5% and Amazon fell 7.2%.

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Technology stocks, which led the market rally a day earlier, were the biggest drag on the S&P 500. Apple lost 5.6%, its biggest decline since September 2020.

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All told, more than 95% of stocks in the S&P 500 closed lower. Utilities fell, though not nearly as much as the other 10 sectors, as investors shifted money to investments that are considered less risky.

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Bond yields fell as investors shifted money into lower-risk investments. The yield on the 10-year Treasury fell to 2.88% from 2.97% late Tuesday.