All eleven sectors trade in negative territory with ten groups down at least 1.0% and the consumer discretionary sector (-4.6%) trading near the bottom of the leaderboard.

Key factors driving today's performance include:

• Weak showing among retailers after Target (TGT 161.90, -53.38, -24.8%) reported disappointing quarterly results, echoing Walmart (WMT 123.65, -7.70, -5.9%).
• Weak sentiment in the broader market weighing on the worst performing sector of the quarter. The discretionary sector is down 22.2% so far in Q2 versus a 12.0% quarter-to-date loss in the S&P 500 (-2.5%).

Notable movers:

• Target (TGT 161.90, -53.38, -24.8%): weakest performer in the sector, falling to its lowest level since November 2020 after reporting below-consensus EPS on above-consensus revenue. The company issued in-line revenue guidance for FY23.
• Dollar Tree (DLTR 129.52, -26.83, -17.2%): falling to its 200-day moving average (129.00) after weak results from Target.
• Dollar General (DG 199.60, -27.95, -12.3%): falling past its 200-day moving average (222.23) to its lowest level since March.
• Tractor Supply (TSCO 187.77, -19.85, -9.6%): fell to its February low before narrowing its loss.
• Best Buy (BBY 77.31, -7.19, -8.5%): falling to its lowest level since mid-2020.
• Advance Auto (AAP 197.96, -18.30, -8.5%): falling past its 50-day moving average (211.50) to its May low.
• AutoZone (AZO 1873.42, -158.45, -7.8%): falling toward its 200-day moving average (1874.09).
• CarMax (KMX 91.64, -5.83, -6.0%): falling back below its 50-day moving average (96.22).
• Amazon (AMZN 2203.99, -103.38, -4.5%): surrendering yesterday's gain.
• Lowe's (LOW 185.94, -8.09, -4.2%): falling to its lowest level since late August. Company beat Q1 EPS expectations and reaffirmed its guidance for FY23.
• Home Depot (HD 288.92, -12.02, -4.0%): slipping past yesterday's low.
• Ross Stores (ROST 95.54, +2.48, +2.7%): rising back above its 50-day moving average (95.80).
• TJX (TJX 61.27, +5.08, +9.0%): returning to its 50-day moving average (61.36) after marking its lowest level since November 2020 yesterday. Company beat Q1 EPS expectations on below-consensus revenue, issued below-consensus EPS guidance for Q2 and in-line guidance for FY23.