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U.S. Stocks Fall Ahead of Fed's July Meeting Minutes

Stock Markets Aug 17, 2022 10:13AM ET
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By Liz Moyer

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.

At 10:41 ET (14:41 GMT), the Dow Jones Industrial Average was down 199 points, or 0.6%, while the S&P 500 was down 0.8% and the NASDAQ Composite fell 1.4%.

Target Corporation (NYSE:TGT) said earnings plunged 90% because cash-strapped shoppers, grappling with inflation, held back on buying nonessential goods and forced it to slash prices.

The report was in contrast to optimistic reports on Tuesday from Walmart Inc (NYSE:WMT) and Home Depot Inc (NYSE:HD).

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.

Oil inched higher. Crude Oil WTI Futures was up 1.8% to $88.14 a barrel, while Brent Oil Futures crude rose 1.3%, to $93.58 a barrel. Gold Futures fell 0.4% to $1,781 an ounce.

U.S. Stocks Fall Ahead of Fed's July Meeting Minutes
 

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Comments (7)
Mohd Amamuddin
Mohd Amamuddin Aug 19, 2022 4:33PM ET
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Why Today Share Down Fall
Mark Manley
Mark Manley Aug 17, 2022 3:51PM ET
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Man I hate autocorrect; who agrees?
Mark Manley
Mark Manley Aug 17, 2022 3:50PM ET
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Agree with Kate, or family and hundreds of others haha abandoned Target, Harry's, Starbucks, Gillette, Disney, and other companies that are destroying our society, taking the economy, and ruining the customer experience with their rabid incessant disturbed wokeness
Mark Manley
Mark Manley Aug 17, 2022 3:47PM ET
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Expect another 50 basis point hike next month, it's already priced in, it's a done deal, no surprises, count on it, trade on it
Marco cuevas
Marco cuevas Aug 17, 2022 11:56AM ET
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Market makers having a blast as tbey finally dropped tne market to kts knees after 3 days of egative ews tnat finally got the algos atte tion...now watch as tney rob hou bkind!!!
First Last
First Last Aug 17, 2022 11:56AM ET
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The SPX is now down even 1%.  VIX will probably go sub-20 again after Fed minutes. And when VIX goes down, ...
First Last
First Last Aug 17, 2022 11:56AM ET
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* SPX is NOT
Kate Davis
Kate Davis Aug 17, 2022 10:56AM ET
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Target still doesn't get why it's sales plunged, it's all because it went WOKE.
Upendra Singh
Upendra Singh Aug 17, 2022 10:56AM ET
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why market is down?
Upendra Singh
Upendra Singh Aug 17, 2022 10:56AM ET
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why market is down?
James Wills
James Wills Aug 17, 2022 10:41AM ET
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lol
 
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