Stocks Opened Lower after Retail Sales Report

-- Wednesday, October 16, 2019, 9:54 --

U.S. stocks opened modestly lower on Wednesday as an unexpected decline in U.S. retail sales in September weighed on risk assets. The Dow Jones Industrial Average lately slipped 37.16 points, or 0.14%, to 26,987.64. The S&P 500 fell 7.17 points, or 0.24%, to 2,988.51. The Nasdaq Composite retreated 30.41 points, or 0.37%, to 8,118.29.

Oil futures were putting in a mixed performance Wednesday, with Brent crude edging lower and West Texas Intermediate in positive territory, as worries over global demand lingered. West Texas Intermediate crude for November delivery rose 25 cents, or 0.5%, to $53.06 a barrel. December Brent crude was off 9 cents, or 0.2%, at $58.65 a barrel.

Retail sales dropped in September by the largest amount in seven months. Retail sales fell 0.3% last month following a 0.6% gain in August, the Commerce Department reported Wednesday. It was the first decline since a 0.5% drop in February.

The International Monetary Fund heightened its warnings for the corporate debt market on Wednesday, as investors search for richer returns in riskier assets after recent interest rate cuts by central banks.