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Target Corp fell 2.2% in trading before the bell after reporting
a 90% fall in quarterly earnings and missing comparable sales
estimates as its inflation-hit customers reined in spending on
discretionary goods.
Encouraging quarterly earnings from bigger rival Walmart Inc and
home improvement chain Home Depot Inc boosted the benchmark S&P
500 and blue-chip Dow in the previous session.
Data at 08:30 a.m. ET, is expected to show retail sales rose at
a reduced pace of 0.1% in July, after climbing 1% in June.
Focus was also on the release of minutes of the U.S. Federal
Reserve's July meeting that could give clues about the size of
further interest rate hikes after policymakers were adamant they
will keep raising rates until inflation is under control.
Traders see a near equal chance of a 50 basis-point and a 75
basis-point hike by the Fed in September. [FEDWATCH]
At 07:03 a.m. ET, Dow e-minis were down 176 points, or 0.52%,
S&P 500 e-minis were down 29.75 points, or 0.69%, and Nasdaq 100
e-minis were down 108 points, or 0.79%.
High-growth and technology stocks such as Amazon.com Inc and
Tesla Inc fell 1% each as U.S. Treasury yields rose for the
second straight session. [US/]
Stronger-than-expected corporate earnings have helped fuel a
rebound for U.S. stocks, but some investors are pointing to
potential risks ahead for profits that could sap momentum.
Home improvement chain Lowe's Cos Inc rose 2.9% on posting a
better-than-expected quarterly profit.
(Reporting by Bansari Mayur Kamdar in Bengaluru; Editing by
Shounak Dasgupta)
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