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Stock market opens lower on more retail woes

Friday - 8/16/2013, 10:44am  ET

In this Thursday, Aug. 15, 2013, photo, specialist Stephen Naughton works at his post on the floor of the New York Stock Exchange. Expectations that the U.S. Federal Reserve will start to phase out its monetary stimulus had a mostly negative impact on global stock markets Friday Aug. 16, 2013. (AP Photo/Richard Drew)

The Associated Press

NEW YORK (AP) -- The stock market is opening lower after more disconcerting news from a big retail chain.

The Dow Jones industrial average fell 30 points, or 0.2 percent, to 15,081 shortly after trade began Friday. The Standard & Poor's 500 index slipped 5 points, or 0.3 percent, to 1,657. The Nasdaq composite rose one point, or 0.05 percent, to 3,607.

Department store Nordstrom cut its profit outlook for the year late Thursday. Its stock fell $1.83, or 3 percent, to $57.46. Wal-Mart and Macy's gave bleak outlooks earlier this week, raising doubts that shoppers will spend enough to give the tepid U.S. economy a boost.

Next week is busy with retail earnings, including results from J.C. Penney.

The government reported that developers broke ground on homes at a faster pace in July.


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