Target reported earnings Wednesday that came in far below Wall Street's expectations, something the big-box retailer attributed to slower-than-expected demand. The company announced profits that missed forecasts by 20%, its widest miss in two years. Revenues, meanwhile, fell short of estimates for the first time in more than a year.

Target’s shares fell below $126 as of around 9:35 a.m. EST, on track for the company’s largest single-day selloff since a nearly 25% dip on May 18, 2022, when the retailer warned of “unexpectedly high costs” that caused its profit to dip by 52%.