Target's underwhelming third quarter update was hardly helped by rousing results from rival and retail titan Walmart as the retailer admitted to a challenging year.

Shares of Target Corp. have dropped nearly 21% after an adjusted quarterly earnings report has warned that people continue to be frugal during their holiday shopping.

U.S. stocks are falling, led by Target, which lost more than a fifth of its value after the retailer gave a dour forecast for the holiday shopping season. The S&P

Target (TGT) shares tumbled 20% to their lowest point since November 2023 shortly after markets opened Wednesday following the release of the retailer's third-quarter earnings report, as it missed estimates for sales and profit.