The firm said Dollar Tree's earnings confirmed fears of a consumer slowdown.
There's one main culprit for Thursday's sell-off, according to Wells Fargo: Retail. Strategist Christopher Harvey said Dollar Tree 's post- earnings slide of nearly 13% was a catalyst for the broader leg down and bolstered fears of a slowdown among consumers. All three of the major indexes ended Thursday more than 1% lower. The S & P 500 and Nasdaq Composite had their worst performances since Aug.
" The trend of consumers valuing experiences over more goods coming out of the pandemic can also be seen across Nike , Macy's , Burlington and Foot Locker , he noted. He added the midday fade in Nvidia did not help Thursday's performance either. Nvidia finished modestly higher after initially surging on the back of its expectation-shattering earnings report earlier in the session. Harvey noted a "sell the news" mentality.
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