Stocks Opened Lower as Global Markets Slumped

U.S. stocks opened firmly lower on Wednesday, as a slide in oil prices hit global markets and concerns about the fate of U.S. tax cuts continued to weigh on the mood. The Dow Jones Industrial Average lately fell 152.12 points, or 0.65%, to 23,257.35. The S&P 500 lost 19.17 points, or 0.74%, to 2,559.70. The Nasdaq Composite dropped 60.53 points, or 0.90%, to 6,677.34.

Oil futures fell another 1% early Wednesday, deepening losses that followed data showing a surprising buildup in U.S. inventories of both crude oil and gasoline. December light, sweet crude was recently down, 50 cents, or 0.9%, at $55.20 a barrel. January Brent fell 54 cents, or 0.8%, to $61.66 a barrel.

U.S. retail sales rose at a solid pace last month, as bullish consumers bought more cars, furniture and clothes. Retail sales increased 0.2 percent in October, the Commerce Department said Wednesday, after a healthy 1.9 percent gain in the previous month.

The consumer price index rose 0.1% in October, held down by falling energy prices. This was in line with forecasts. The drop in energy prices in the CPI pushed the yearly rate of inflation down to 2% from 2.2% in September.

Target Corp (TGT.N) issued a disappointing profit forecast for the key holiday quarter as it continues to depend on price cuts to drive traffic to its stores and online. The retailer forecast adjusted earnings of $1.05 to $1.25 per share for the quarter ending January 2018.