Markets Right Now: Stocks trading lower on Wall Street

AP News
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Posted: Aug 17, 2016 12:01 PM

NEW YORK (AP) — The latest on developments in global financial markets (all times local):

12:00 p.m.

U.S. stocks are trading lower Wednesday as the market inches away from its recent record highs.

Retailers Target, Staples and Lowe's are skidding after disappointing earnings. Investors are waiting for the minutes from the Federal Reserve's July policy setting meeting, due to be released later in the afternoon.

The Dow Jones industrial average fell 78 points, or 0.4 percent, to 18,474. The Standard & Poor's 500 dropped 9 points, or 0.4 percent, to 2,169. The Nasdaq composite slid 28 points, or 0.5 percent, to 5,199.

The yield on the 10-year Treasury was unchanged at 1.58 percent. Gold, silver and copper fell. Oil was down 25 cents to $46.33 a barrel in New York.

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9:45 a.m.

U.S. stocks are opening slightly lower Wednesday with phone companies and utilities continuing to take the biggest losses.

Retailers traded on earnings reports. Target is down 7 percent and Lowe's is down 6 percent after each company cut its profit outlook. Urban Outfitters jumped 16 percent on solid sales.

The Federal Reserve will release the minutes from its latest meeting Wednesday afternoon.

The Dow Jones industrial average fell 57 points, or 0.3 percent, to 18,495. The Standard & Poor's 500 dropped 5 points, or 0.3 percent, to 2,173. The Nasdaq composite slid 12 points, or 0.2 percent, to 5,215.

Bond prices are rising and the yield on the 10-year Treasury fell to 1.57 percent. Oil slid 45 cents to $46.12 a barrel in New York. Gold, silver and copper also fell.