Wall St plunges as stubborn inflation drives fear in consumer sensitive retail sector. In Australia, April jobless rate tipped to fall to 3.9pc

Wall Street stocks have tumbled as big US retailers suffer from surging inflation. 

The inconic Target chain lost 25 percent of its market value after warning its profits will be hit by rising fuel and freight costs. 

It's Target's worst trading day since the Black Monday sharemarket crash in 1987. 

Also ABC's Peter Ryan says today's official employment figures are likely to show the April jobless rate fell to 3.9pc, the lowest level since 1974.