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US stocks earnings hit retailers like Target and Lowe’s

FILE - In this Friday, Nov. 13, 2015, file photo, the American flag flies above the Wall Street entrance to the New York Stock Exchange. U.S. stocks slipped early Tuesday, Aug. 16, 2016, as investors continued to sell phone company and utility stocks. Materials companies are the exception, as they’re trading higher as the dollar weakens. Investors are also sifting through reports that showed inflation remained weak in July, but home building and factory production improved. (AP Photo/Richard Drew, File)
FILE - In this Friday, Nov. 13, 2015, file photo, the American flag flies above the Wall Street entrance to the New York Stock Exchange. U.S. stocks slipped early Tuesday, Aug. 16, 2016, as investors continued to sell phone company and utility stocks. Materials companies are the exception, as they’re trading higher as the dollar weakens. Investors are also sifting through reports that showed inflation remained weak in July, but home building and factory production improved. (AP Photo/Richard Drew, File) FILE - In this Friday, Nov. 13, 2015, file photo, the American flag flies above the Wall Street entrance to the New York Stock Exchange. U.S. stocks slipped early Tuesday, Aug. 16, 2016, as investors continued to sell phone company and utility stocks. Materials companies are the exception, as they’re trading higher as the dollar weakens. Investors are also sifting through reports that showed inflation remained weak in July, but home building and factory production improved. (AP Photo/Richard Drew, File)

By Associated Press 4 min read

NEW YORK (AP) – U.S. stocks are trading lower Wednesday as the market inches away from its recent record highs. Retailers including Target, Lowe’s and Staples are skidding after disappointing earnings and forecasts. The Federal Reserve will release minutes from its July meeting in the afternoon.

KEEPING SCORE: The Dow Jones industrial average fell 78 points, or 0.4 percent, to 18,473 as of 11:50 a.m. Eastern time. The Standard & Poor’s 500 index gave up 9 points, or 0.4 percent, to 2,169. The Nasdaq composite lost 28 points, or 0.5 percent, to 5,198. Phone companies were set take the biggest losses for the second day in a row, and the losses for Target and Lowe’s helped drag consumer stocks downward.

OFF TARGET: Retailer Target skidded after it cut its annual profit forecast and lowered its estimates for sales at older stores. Target is facing stiff competition and analysts say it’s had trouble with grocery sales. The stock fell $4.72, or 6.3 percent, to $70.76.

GOING LOWE-R: Home improvement retailer Lowe’s cut its annual profit forecast after it reported mixed quarterly results including lower-than-expected earnings and weak sales at older stores. Its stock slid $5.54, or 6.8 percent, to $75.94.

LIVING FOR THE CITY: Urban Outfitters jumped after it disclosed solid second-quarter results. Sales at older stores improved, surprising analysts who expected a decline. The stock gained $5.32, or 17 percent, to $36.56.