New York stock market opens lower

The S&P 500 index fell 0.11 percent to 4,695.93 points, and the Nasdaq index fell 0.06 percent to 15,964.3 points. Despite the increasing …

The S&P 500 index fell 0.11 percent to 4,695.93 points, and the Nasdaq index fell 0.06 percent to 15,964.3 points. Despite the increasing inflation concerns, the indices, which finished the day with an increase due to the strong data from the retail sector, followed a downward trend at the opening today.

While major retail chains in the US continue to announce their third-quarter balance sheets, they announced that their sales at Target increased by 12.7 percent in this period, after Walmart and Home Depot.

Although Target announced that its revenue reached $25.6 billion in the same period, Target’s shares tumbled close to 4 percent after the company’s top executive Brian Cornell announced that some of the higher costs were assumed by the company rather than passing it on to customers.

Concern that the strong course of consumer expenditures might support inflation caused bond yields to continue their upward trend. The US 10-year bond yield was at 1.64%.

On the other hand, housing starts fell 0.7 percent to 1.5 million 520 thousand in October, contrary to market expectations, according to data released today in the USA. Housing starts fell to a six-month low, driven by rising material costs, supply bottlenecks and labor shortages. Construction permits in the country increased to 1 million 650 thousand in October, exceeding expectations.

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