US stocks slip as investors weigh retail earnings against inflation concerns

US stocks slip as investors weigh retail earnings against inflation concerns

US stocks hovered near record highs on Wednesday following third-quarter earnings reports from retail giants like Target and Lowe's. The earnings results highlighted the ongoing impact of labor shortages, supply chain disruptions, and rising inflation, which hurt profit margins for Target as it attempted to retain customers through competitive pricing. Rising inflation isn't just being felt in the US. The UK reported representing the highest level in 10 years and bolstering that case for an interest rate hike from the Bank of England. The ongoing boom in cryptocurrencies is becoming more mainstream, as the LA Staples Center is set to Bitcoin and ether prices fell for a second day on Wednesday, which in-turn dragged altcoins lower as investors take profits from the record run in crypto over the past month. Elon Musk , with a recent filing showing the CEO sold another $973 million worth of the company as he pays taxes on profitable options.