Stock market sinks after Target reports sales drop

Understanding the cycle of U.S. deficit spending and rising debt amid Trump budget push Stocks are slumping amid signs of slowing consumer spending and investor concerns about the U.S. fiscal outlook. Target, one of the nation’s largest retailers, on Wednesday reported weaker sales for the first quarter and warned of a potential downdraft over the rest of the year as Americans react to U.S. tariffs by pulling back on consumption. The company’s sales fell 2.8% to $23.8 billion in the January-March period, down from $24.5 billion from the year-ago quarter, while Target said it expects a low-single digit decline in…