Target also reiterated fiscal-year guidance. It continues to expect a low-single digit decline in sales, while adjusted earnings per share will range from $7 to $9. Consensus estimates call for a roughly 1.5% drop in sales and adjusted earnings of $7.28 a share.

The sudden reversal shows how the hottest AI trade and top-performing stock of the year is colliding with a broader market rotation out of big tech.

U.S. stock futures were trading lower early Wednesday as traders awaited earnings reports from America’s big-box retailers and the release of