
- Stocks fell amid more bank concerns.
- Target slashed its full-year guidance.
- Cava posted its first earnings since its IPO.
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Here are the most important news items that investors need to start their trading day:
1. Down day
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Stocks sank on Tuesday as concerns about China and banks weighed on Wall Street. The Dow Jones Industrial Average fell 361.24 points, or 1.02%, and snapped a three-day winning streak, while the Nasdaq Composite dropped 1.14%. The S&P 500 closed down 1.16% and ended the session below its 50-day moving average — a move that could signal the beginning of a downtrend. Financial stocks, including JPMorgan Chase, Wells Fargo and Bank of America, all fell after Fitch warned it might have to downgrade the credit rating of dozens of banks. Follow live market updates.
2. Off target
Target cut its full-year guidance Wednesday as the big-box retailer struggles to attract thrifty shoppers. The company slashed both its full-year sales and profit expectations. It also missed quarterly sales expectations despite sales and store traffic improving in July. CEO Brian Cornell warned that the second half of the year could be tough as student loan payments resume this fall and the prices of everyday items remain elevated. Those factors, along with high interest rates, could mean consumers will continue to avoid impulse-driven purchases.
3. Bank concerns

Minneapolis Federal Reserve President Neel Kashkari — who's known for helping to craft the program that bailed out banks during the 2008 financial crisis — wants to take a tougher approach to regional banks. He said the crisis that started in March and led to the collapse of several regional banks, including Silicon Valley Bank, might not be over yet. And if the Fed keeps raising rates, it will spell more trouble for similar institutions. Bank stocks fell after his speech, and the SPDR S&P Regional Banking ETF (KRE) closed the day down more than 3%.
4. Cava cheers

One of the newest names on the New York Stock Exchange has reason to celebrate. Cava, which held its initial public offering in June, posted a profitable quarter for its first earnings report since its market debut. The Mediterranean restaurant company reported second-quarter net income of $6.5 million, or 21 cents per share, swinging from a net loss of $8.2 million, or $6.23 per share, a year earlier. The company's stock soared more than 12% in early trading Wednesday morning. Its shares have more than doubled in value since the IPO.
5. What's on TV?

Did streaming kill the television star? For the first time ever, total traditional TV usage — which is comprised of broadcast and pay-TV — dropped below 50% in July, according to Nielsen's monthly streaming report. Meanwhile, streaming made up nearly 39% of usage last month, marking its largest share since Nielsen first started logging the monthly numbers in its report in June 2021. Many consumers have walked away from the traditional TV bundle as prices soared. But now streaming services have been steadily raising prices as they seek to boost revenue.
Money Report
— CNBC's Hakyung Kim, Melissa Repko, Samantha Subin, Jeff Cox, Amelia Lucas and Lillian Rizzo contributed to this report.
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