The Dow Jones Industrial Average saw its worst one-day fall since 2020. Stock futures dropped overnight Wednesday trading.

Dow Jones Industrial Average futures fell by about 30 points. S&P 500 futures eased 0.1% and Nasdaq 100 futures shed 0.2%.

After hours of market selling, the moves were triggered by big-box retail earnings that indicated an inflationary effect on corporate profits.

Two-to-one quarterly reports starting in February Target WalmartThe hottest inflation for decades was reflected in higher fuel prices and lower consumer demand, which led to poor results.

In the Dow’s largest decline since June 2020, more than 1,100 points were lost. Blue-chip averages closed at their lowest point since March 2021. The S&P 500 lost about 4%, also its worst drop since June 2020. Nasdaq Composite lost 4.7%

Scott Minerd (Guggenheim Partners Global Chief Financial Officer) stated that this is a continuation of the storyline that stocks will be significantly lower in 2017 before they find bottom. He spoke to CNBC’s “Closing Bell” program on Wednesday.

The sell-off Wednesday was broad with all 11 S&P 500 sectors closing down. The hardest hit were consumer discretionary stocks, which fell 6.6%

Investors can look forward to Thursday’s earnings from companies such as BJ’s Wholesale and Kohl’s.

On Thursday, initial jobless claims will also be released.