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Stocks fell on Wednesday as the rally on Wall Street that has propelled equity prices higher since mid-June appeared to lose steam amid a fresh batch of retail earnings.
The Dow Jones Industrials slumped 175.65 points to open the mid-week session at 33,976.36.
The S&P 500 fell 31.58 points to 4,273.63.
The NASDAQ Composite ditched 159.32 points, or 1.2%, to 12,943.23.
Traders continued to comb through corporate earnings from the retail sector that kicked off with Walmart and Home Depot on Tuesday.
Target shares slipped after the retailer posted earnings that widely missed expectations as it grapples with excess inventory, while Lowe’s traded higher despite a mixed quarter.
Meanwhile, data released by the Census Bureau on Wednesday showed retail sales remain unchanged in July amid declines in auto sales and gasoline prices, although consumers did increase spending online.
Wall Street also looked ahead to the release of minutes from the Fed’s most recent meeting, which could offer further insight into what could come at the central bank’s next meeting in September.
Further uncertainty remains in the market as the Federal Reserve plans to continue raising rates and shrinking the size of its balance sheet.
Treasury prices were down, raising yields to 2.89% from Tuesday’s 2.81%. Treasury prices and yields move in opposite direction.
Oil prices recovered 72 cents to $87.25 U.S. a barrel.
Gold prices fell $7.60 to $1,782.10 U.S. an ounce.
