US open: Stocks lower following stronger-than-expected retail sales data

Wall Street stocks were in the red early on Wednesday as market participants digested stronger-than-expected retail sales numbers.

As of 1515 GMT, the Dow Jones Industrial Average was down 0.70% at 33,850.18, while the S&P 500 lost 0.72% to 4,106.43 and the Nasdaq Composite came out the gate 0.63% weaker at 11,884.20.

The Dow opened 239.09 points lower on Wednesday, extending losses recorded in the previous session following the hotter-than-expected print in January's consumer price index, the Federal Reserve's preferred inflation gauge.

Wednesday's primary focus will be on last month's retail sales data, which revealed US retail sales had unexpectedly increased in January, bouncing back from the prior month's 1.1% drop. According to the Census Bureau, retail sales rose 3% month-on-month in January - the strongest improvement since March 2021 and well and truly ahead of expectations for 1.8% increase. Excluding autos, sales rose 2.3% month-on-month.

Elsewhere on the macro front, US mortgage applications fell 7.7% in the week ended 10 February, according to the Mortgage Bankers Association, erasing a 7.4% increase recorded in the previous week. Applications to purchase a home slipped 5.5% and applications to refinance a property sunk 12.5% week-on-week.

On another note, the New York Empire State manufacturing index climbed 27.1 points in February from a month earlier to -5.8, according to the Federal Reserve Bank of New York, easily beating market expectations for a print of -18.0.

Moving on, industrial production increased 0.8% in January, according to the Federal Reserve, the smallest increase since the Covid-19 pandemic recovery began in March 2021.

Still on data, manufacturers' and trade inventories in the US increased 0.3% month-on-month in December, according to the Census Bureau, following a downwardly revised 0.3% rise in November and matching market expectations.

Finally, the National Association of Home Builders' housing market index increased for a second month in a row to 42, the highest reading since September and ahead of market forecasts for a reading of 37. It was also the largest monthly increase in almost a decade, excluding the rebound after 2020 Covid-19 lockdowns.

In the corporate space, Biogen beat earnings expectations with its latest quarterly results as its Alzheimer's and depression drugs leading the way, while Kraft Heinz earnings were lifted by higher prices but issued a disappointing outlook.

Reporting by Iain Gilbert at Sharecast.com

Dow Jones - Risers

Apple Inc. (AAPL) $153.59 0.25%
Dowdupont Inc. (DWDP) $0.00 0.00%
Caterpillar Inc. (CAT) $244.21 -0.06%
Cisco Systems Inc. (CSCO) $47.65 -0.12%
McDonald's Corp. (MCD) $266.05 -0.21%
Coca-Cola Co. (KO) $59.45 -0.23%
Travelers Company Inc. (TRV) $183.59 -0.29%
Merck & Co. Inc. (MRK) $108.40 -0.31%
JP Morgan Chase & Co. (JPM) $142.71 -0.34%
Walt Disney Co. (DIS) $107.28 -0.35%

Dow Jones - Fallers

Chevron Corp. (CVX) $168.20 -2.39%
Walgreens Boots Alliance, Inc. (WBA) $35.98 -2.10%
Boeing Co. (BA) $214.70 -1.72%
Intel Corp. (INTC) $28.30 -1.18%
Microsoft Corp. (MSFT) $269.26 -1.07%
Dow Chemical Co. (DOW) $59.15 -1.02%
Unitedhealth Group Inc. (UNH) $488.64 -0.85%
3M Co. (MMM) $113.34 -0.76%
Amgen Inc. (AMGN) $239.26 -0.73%
American Express Co. (AXP) $179.70 -0.73%

S&P 500 - Risers

Analog Devices Inc. (ADI) $192.56 5.49%
Martin Marietta Mtrl (MLM) $372.54 4.59%
Vulcan Materials Co. (VMC) $192.07 3.50%
Expedia Group Inc. (EXPE) $117.07 1.85%
TripAdvisor Inc. (TRIP) $25.59 1.84%
Wabtec Corp. (WAB) $105.21 1.70%
Ipg Photonics Corp. (IPGP) $127.50 1.55%
Take-Two Interactive Software Inc. (TTWO) $113.50 1.26%
Ecolab Inc. (ECL) $160.26 1.17%
Kraft Heinz Co. (KHC) $40.21 0.83%

S&P 500 - Fallers

Devon Energy Corp. (DVN) $56.59 -11.50%
Akamai Technologies Inc. (AKAM) $80.35 -8.47%
Marathon Oil Corp. (MRO) $25.77 -5.10%
Eog Resources Inc. (EOG) $126.82 -4.74%
Apache Corp. (APA) $40.67 -4.24%
Halliburton Co. (HAL) $37.42 -3.95%
Helmerich & Payne Inc. (HP) $44.38 -3.83%
Diamondback Energy Inc. (FANG) $144.63 -3.50%
Bath & Body Works, Inc. (BBWI) $43.37 -3.47%
Occidental Petroleum Corp. (OXY) $64.06 -3.44%

Nasdaq 100 - Risers

Analog Devices Inc. (ADI) $192.56 5.49%
Baidu Inc. (BIDU) $152.78 2.49%
Expedia Group Inc. (EXPE) $117.07 1.85%
Take-Two Interactive Software Inc. (TTWO) $113.50 1.26%
Kraft Heinz Co. (KHC) $40.21 0.83%
Cadence Design Systems Inc. (CDNS) $200.59 0.75%
Synopsys Inc. (SNPS) $378.54 0.69%
Booking Holdings Inc. (BKNG) $2,486.93 0.64%
Paypal Holdings Inc (PYPL) $77.63 0.48%
Fiserv Inc. (FISV) $116.47 0.40%

Nasdaq 100 - Fallers

Nvidia Corp. (NVDA) $222.95 -2.94%
Biogen Inc (BIIB) $280.79 -2.87%
Walgreens Boots Alliance, Inc. (WBA) $35.98 -2.10%
Asml Holdings N.V. (ASML) $663.97 -1.99%
Qurate Retail Inc. (QRTEA) $2.34 -1.89%
Micron Technology Inc. (MU) $60.91 -1.87%
NetEase Inc. Ads (NTES) $85.23 -1.76%
Trip.com Group Limited (TCOM) $37.13 -1.72%
JD.com, Inc. (JD) $51.43 -1.70%
Meta Platforms Inc. (META) $176.53 -1.64%