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US: Stocks open lower amid mixed retail earnings


[NEW YORK] US stocks opened lower on Wednesday as investors weighed mixed earnings from retailers and awaited the release of the Federal Reserve minutes of the April monetary policy meeting.

Five minutes into trade, the Dow Jones Industrial Average fell 29.59 points (0.16 per cent) to 18,282.80.

The broad-based S&P 500 dipped 3.18 (0.15 per cent) to 2,124.65, while the tech-rich Nasdaq Composite Index dropped 9.13 (0.18 per cent) to 5,060.91.

Discount chain Target rose 0.9 per cent after reporting first-quarter profit surged 51.6 per cent from a year ago to US$635 million and raising its full-year earnings forecast.

Stocks had moved little on Tuesday, with the Dow inching to a record high, after a robust US report on home construction.