S hares of Target Corp. slumped 10.5% in premarket trading Wednesday, after the discount retailer said it was replacing for Chief Executive Brian Cornell, who has been in charge for the past 11 years, with current Chief Operating Officer Michael Fiddelke, effective Feb. 1, 2026.

Target is counting on a company veteran to revive its magic as it struggles to compete with rivals like Walmart.

Target has seen flat or declining comparable sales in eight out of the past 10 quarters including the latest period.

A flight to quality trade happens when investors begin to get more defensive and risk-averse, buying stocks that they perceive as higher-quality and avoiding low-quality ones. It’s typical of a market that is seeking safety as some investors bail out, and may presage a market drop.

The Dow Jones Industrial Average finished flat at around 44,922, according to preliminary data from FactSet.

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