US stocks slip as investors weigh retail earnings against inflation concerns
- US stocks slipped, but hovered near record highs on Wednesday following several retail earnings reports.
- The Q3 results from retail giants Target and Lowe's highlighted the lingering inflation and labor shortages.
- Retail sales on Tuesday showed spending last month jumped the most since March.
US stocks hovered near record highs on Wednesday following third-quarter earnings reports from retail giants like Target and Lowe's.
The earnings results highlighted the ongoing impact of labor shortages, supply chain disruptions, and rising inflation, which hurt profit margins for Target as it attempted to retain customers through competitive pricing.
Rising inflation isn't just being felt in the US. The UK reported a 4.2% surge in inflation last month, representing the highest level in 10 years and bolstering that case for an interest rate hike from the Bank of England.
Here's where US indexes stood shortly after the 9:30 a.m. ET open on Wednesday:
- S&P 500: 4,694.28, down 0.14%
- Dow Jones Industrial Average: 36,074.68, down 0.19% (67.54 points)
- Nasdaq Composite: 15,964.89, down 0.04%
The ongoing boom in cryptocurrencies is becoming more mainstream, as the LA Staples Center is set to change its name to Crypto.com in a $700 million deal.
Bitcoin and ether prices fell for a second day on Wednesday, which in-turn dragged altcoins lower as investors take profits from the record run in crypto over the past month.
Elon Musk continued to sell Tesla shares, with a recent filing showing the CEO sold another $973 million worth of the company as he pays taxes on profitable options.