Closing Bell: Major pain for major averages 5/18/22

Stocks fell sharply on Wednesday, driven lower by renewed fears about the consumer after Target missed quarterly earnings results. Mohamed El-Erian from Allianz explains why the selloff represents a new phase in the market downturn. Gene Munster from Loup looks at the pain in big tech, as the Nasdaq sheds more than 4.5%. Bespoke’s Paul Hickey and CFRA’s Arun Sundaram break down the disastrous move for Target and what it says about the rest of retail. Meantime the Dow Transports index turned in its worst day in years. The CEO of transportation and logistics company CH Robinson discusses the challenges in the global supply chain.