U.S. Stocks Open Lower as China's Yuan Continues to Slide

U.S. stocks opened lower Wednesday as China intervened to prop up the yuan in the latest minutes of trading, according to people familiar with the matter, in an apparent attempt to prevent an excessive fall in the currency. Meanwhile, Alibaba (BABA) is seeing its slowest growth in 3 years. China's biggest e-commerce company posted quarterly revenues of $3.27 billion, below an expected $3.39 billion. Even though the revenue fell short, it will buy back up to $4 billion worth of stock. Alibaba also entered into an exclusive deal to bring Macy's (M) to China. Macy's has inked a deal with Tishman Speyer for a real estate purchase and sale agreement that will enable a re-creation of Macy's Brooklyn store. Macy's also reported that its profit and sales missed expectation.