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One Reason Target (TGT) Stock is Slumping Today

NEW YORK (TheStreet) -- Shares of Target Corp. (TGT - Get Report) are down by 3.75% to $76 on heavy trading volume on Wednesday afternoon, as weak retail sales data weighs on stocks today.

Target is a Minneapolis, MN-based everyday essentials retailer offering differentiated merchandise at discounted prices.

Data out of the Commerce Department showed that retail sales in September rose by just 0.1% and the Labor Department reported that wholesale prices in September fell by 0.5% when compared to the same month last year.

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Wholesale prices saw their largest drop since January in September, after being unchanged in August, Reuters reports.

However, the weak data did boost gold today as it suggested the likelihood of the Fed hiking interest rates this year is declining.

"The softness of September's figures supports our view that the Fed probably isn't going to hike interest rates until early next year," Paul...