U.S. Stocks Open Lower as Inflation in the U.S. Remains at Bay

U.S. stocks opened lower Wednesday as the latest consumer price index shows inflation is not a threat to the U.S. economy. The CPI came in with a gain of .1% in July. Germany approved the third bailout of Greece despite some misgivings from the International Monetary Fund. U.S. homeowners also took advantage of China's woes last week to refinance mortgages as applications soared. Hormel Foods (HRL) posted an upbeat quarterly profit and raised its outlook for the year. Target (TGT) stores also raised its outlook for a second time this year. It also reported a 6th straight rise in quarterly sales, driven by demand for homewares, wellness products and children's apparel. Apple (AAPL) disputes a new survey from MusicWatch that says nearly half of those who took advantage of the free Apple Music trial have abandoned the service. Apple says about 21% of early users have chosen not to continue with the free trial.