Stocks dipped Wednesday as investors weighed another lighter-than-expected inflation report and looked ahead to retail sales data.
U.S. equities slid Wednesday as investors weighed a gloomy holiday quarter update from Target that pressured retail stocks.
Stocks have staged a solid run following last week's better-than-feared consumer price index report. The S&P 500 last week posted its best weekly stretch since June and all the major averages are on track to finish the month with gains."In the short term, the market is very extended and overdue to pull back and digest the recent rally," said Adam Sarhan, CEO of 50 Park Investments.U.S. equities opened lower on Wednesday as the Target warning weighed on retail names.
and lowered guidance. CEO Brian Cornell warned that shoppers are "increasingly impacted by inflation, rising interest rates and economic uncertainty", though CFO John David Rainey noted that "pocketbooks are stretched" for consumers.Shares of Carnival Cruise Lines are taking a tumble. The stock fell more than 13% in premarket trading Wednesday after the company announced that it would offer $1 billion in convertible debt as part of its 2024 refinancing plan.
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