Investing.com — U.S. stocks fell in morning trading after retailing giant Target reported weak quarterly earnings and as investors awaited the Fed’s July meeting minutes for clues about the direction of interest rates.
Retail sales were unchanged in July from the prior year, slightly below predictions for a 0.1% gain, and spending trends appeared solid. That could bolster confidence that conditions aren’t rapidly deteriorating. Lower gasoline prices helped keep the reading flat from June.
Target did confirm its full year outlook, saying its inventory mark-downs had cleared the way for it to get back on track in time for the holiday shopping season.
Later today, the Federal Reserve will release the minutes of its July meeting, when it raised interest rates by a 0.75 percentage point for the second month in a row. Investors will be analyzing the comments to see what the Fed’s future moves might be. The next scheduled policy meeting is in September.
In meme stock news, Bed Bath & Beyond Inc (NASDAQ:BBBY) stock was up another 21% on Wednesday morning.