US stocks fall on weak China data, mixed retail earnings

A video board display's the numbers after the closing bell of the Dow Industrial Average at the New York Stock Exchange on Nov 8, 2017 in New York.
A video board display's the numbers after the closing bell of the Dow Industrial Average at the New York Stock Exchange on Nov 8, 2017 in New York.PHOTO: AFP

NEW YORK (AFP) - Wall Street stocks fell early Tuesday following lacklustre Chinese economic data and mixed earnings from leading US retailers ahead of the key holiday shopping season.

China's industrial output expanded 6.2 per cent year-on-year in October, slowing from September and below analyst expectations, raising worries about the world's second biggest economy.

But annual US wholesale inflation rose in October to its highest level in more than five years.

About 20 minutes into trading, the Dow Jones Industrial Average stood at 23,367.91, down 0.3 per cent.

The broad-based S&P 500 dropped 0.4 per cent to 2,575.69, while the tech-rich Nasdaq Composite Index fell 0.3 per cent to 6,736.22.

Home-improvement retailer Home Depot advanced 0.1 per cent as it lifted its full-year earnings projections following a sales surge in the wake of US hurricanes.

But TJ Maxx parent TJX fell 3.2 per cent after reporting flat comparable sales in the third quarter, well below the 5 per cent gain in the year-ago period.

Dow member General Electric lost another 2.5 per cent after plunging Monday as a long-anticipated turnaround plan by new chief executive John Flannery fell short of expectations.