Dell shares dropped 12%, while mega-cap giants Nvidia, Meta, and Microsoft all ended lower. The stock market will be closed Thursday for Thanksgiving.

"There were some warning signs from Target, but if you look at personal income and retail sales, they have been strong all year," said Peter Cardillo, chief market economist at Spartan Capital Securities, in an interview. "That suggests the consumer has buying power."

The Dow Jones Industrial Average ( ^DJI) led the way higher, gaining over 450 points, or about 1.1%. The S&P 500 ( ^GSPC) gained 0.5%, and tech-heavy Nasdaq Composite ( ^IXIC) pared earlier losses to finish just above the flat line.

Stocks wavered in afternoon trading on Wednesday, as losses for several Big Tech companies offset gains elsewhere in the market. The S&P 500 fell 0.4% in afternoon trading, even though more stocks were rising than falling in the index.