Stock Market Today: Stocks broadly lower; Target shares in focus

Updated: 10:58 a.m. EDT

Just before 11 a.m. EDT Wall Street is broadly lower. The Dow 30 are off 0.5% and the Russell 2000 is down nearly 1.2%.

Bill Ackman's Pershing Square put a big chunk into a major technology company, according to the firm's recent SEC 13-F, TheStreet's Silin Chen reports. Have a look here.

Updated: 10 a.m. ET

Stocks opened broadly lower on Wednesday, pushed lower by weak earnings from retailers Target  (TGT)  and TJX (TJX)  and worries about rising interest rates.

The losses, if they hold, would be the second consecutive market decline.

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At 10:15 a.m., the Standard & Poor's 500 Index was off 0.4% to 5,915. The Nasdaq Composite Index dropped 0.2% to 19,103, and the Dow Jones Industrial Average was off 316 points to 42,362.

Home Depot  (HD)  shares were off slightly Wednesday morning after slipping on Tuesday. The declines come even as the company insisted Tuesday it would not need to raise prices because of Trump tariffs.

Home Depot doesn't source much of its inventory from China.

The reason for the share weakness, says TheStreet Pro contributor Ed Ponsi, is that Home Depot's business is more tied to the housing and home improvement markets. Higher rates hurts the company's sales.

• Check out: Home Depot Faces Brutal Headwind After CFO's Tariff Comments

Target shares were trading down 5.6% to $92.58 in premarket trading after the retailer reported comparable sales, those in stores open at least a year, were down 3.8% from a year ago.

Home-improvement retailer Lowe's  (LOW)  shares were up 2% although sales were lower than they were a year earlier.

Futures trading suggested the Standard & Poor's 500 Index was looking at a 31-point drop at the open. Trading in the Nasdaq-100 index futures were off more than 110 points. The Nasdaq-100 has a deep concentration in big technology stocks.

Futures based on the Dow Jones Industrial Average were off more than 290 points.

The major averages fell in Tuesday trading with the S&P 500 and the Nasdaq-100 down 0.4%. The Dow was off 0.3%.

Target cut its annual earnings guidance to $8 to $10 a share. The company blamed tariff unease and consumer worries about the economy.

The company expects tariff increases to cut into fiscal-second-quarter profit and warned it might have to raise some prices to cope with higher tariff costs.

Last week, Walmart  (WMT)  made the same warning for goods imported from China and elsewhere. President Donald Trump criticized the company and over the weekend said Walmart should eat the tariff costs.