US Stocks Decline as Hopes of a Fed Pause Diminish: Markets Wrap
- Retail sales rise by most in eight months in broad increase
- Shares of Target Corp. fell after disappointing earnings
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US stocks dropped after strong retail sales data and comments from at least two Federal Reserve speakers recast bets that the central bank’s policy tightening regime is nearing an end.
The S&P 500 and the Nasdaq 100 fell after a report showed retail sales posted the biggest increase in eight months in October, outpacing estimates and indicating the economy can withstand additional Fed hikes. Target Corp.’s disappointing earnings also weighed on sentiment.