Stocks Sink as Growth Concerns Mount Ahead of Powell Testimony; Target Surges on Strong Forecast

• Wall Street plunged on Tuesday, with the Dow falling over 400 points, Nasdaq down 1.7%, on growth stock weakness ahead of Fed Chair Powell's testimony • US services sector growth slowed in February though new orders rose; manufacturing orders dropped more than expected
• Rally ran out of steam as focus turns to fresh Fed policy cues after sticky inflation dampened hopes of early rate cuts • Apple slid 2.8% on report of 24% iPhone sales drop in China in early 2024 amid domestic competition • Target jumped 12% as it forecast strong sales growth betting on new services, launches, and membership program