U.S. Stocks Open Slightly Lower as Retail Sales Disappoint

U.S. stocks opened slightly lower on a sluggish October retail sales number. The Commerce Department says sales at stores rose 0.1% where 0.3% was expected. Consumers are showing some caution going into the key holiday-shopping season even as hiring reached a 10-month high in October. Sales at service stations fell as gas prices dropped but major retailers like Nordstrom (JWN) also say that sales and earnings are falling short. Recently Macy's (M) and Walmart (WMT) have echoed those sentiments. However, J.C. Penney (JCP) beat earnings and sales expectations and even raised its profit outlook for the year. J.C. Penney is in the middle of a turnaround and had lower comparable sales, though. The slowdown in consumer spending comes as the Federal Reserve seems likely to raise interest rates for the first time since the financial crisis when it meets in December.