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US stocks open lower; Target slumps on forecast
US stocks open lower; Target slumps on earnings forecast
Associated Press
2014-08-05 10:22 PM

NEW YORK (AP) -- U.S. stock prices are opening lower as traders digest some mixed corporate earnings and a weak indicator on the Chinese economy.

The Standard & Poor's 500 index fell 11 points, or 0.6 percent, to 1,928 in the first few minutes of trading Tuesday.

The Dow Jones industrial average fell 84 points, or 0.5 percent, to 16,483. The Nasdaq composite lost 29 points, or 0.7 percent, to 4,355.

Target fell 4 percent after the company lowered its second-quarter earnings forecast, citing promotional discounts it had to use to attract shoppers.

In China, a purchasing managers' index by HSBC showed the services industry grew in July at the slowest rate last month since November 2005.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.50 percent.

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