US stocks fall as investors weigh solid retail sales data against Target's warning of weaker holiday spending

Target's disappointing third-quarter earnings results weighed on the stock market on Wednesday.

The increase in retail sales was led by higher gas prices and auto purchases. Excluding gas and auto sales, sales were up. Despite higher interest rates and inflation, the consumer is still resilient.

Retail sales increased in October, but one store was not able to take full advantage of it. Target's third-quarter earnings showed a drop in profits and a murky outlook for the upcoming holiday shopping season. The cost-cutting plan will be launched by the company.

Despite Target's disappointing third quarter results, the October retail sales report shows that consumers are still spending. Consumers are taking advantage of early holiday sales because credit cards are being used more frequently.

The strong retail sales growth in October reinforces the expectation that the Federal Reserve will hike interest rates again in December.

At 4:00 p.m., the US index stood here. Close on Wednesday.

There were other things that happened today.

Commodities and bonds are included.

• West Texas Intermediate crude oil fell 1.62% to $85.51 per barrel. Brent crude, oil's international benchmark, dropped 1.12% to $92.81.
• Gold rose 0.11% to $1,778.80 per ounce.
• The yield on the 10-year Treasury fell 10 basis points to 3.68%.
• Bitcoin dropped 1.96% to $16569, while ether fell 3.80% to $1,209.