Wall Street down after Target profits report, other retailer numbers soon

Target reported a major decline in profits a day earlier, signaling possible struggles in the retail market.

NEW YORK — Wall Street pointed toward declines before the market opened Wednesday after Target reported a huge decline in profits on the same day that the U.S. posts retail sales data for July.

Futures for the S&P 500 slipped 0.8% and futures for the Dow fell 0.6%.

Target slid almost 2% after reporting a nearly 90% plunge in second quarter profits as it was forced to slash prices to clear unwanted inventories.

Target warned earlier this summer that it was canceling orders from suppliers

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