Stocks traded lower midday Wednesday after rising at the open as investors may be getting used to the idea of an interest rate hike in December. Shares of Macy’s (M) were tumbling after the retailer reported disappointing sales. The S&P 500 was down 0.12%, Dow Jones Industrial Average fell 0.13%, and Nasdaq was up slightly by 0.01%. The bond market will be closed Wednesday for Veterans Day and limited economic data will be released. Mixed economic data from China Wednesday showed signs of slowing for the world’s second-largest economy. Industrial production growth in China for October was 5.6%, a decline from the 5.7% reported in September. Retail sales in China rose 11%.Alibaba (BABA) fell nearly 2% after reporting record profit on Singles Day, a big shopping holiday for singles. The company reported sales of $10 billion by Wednesday afternoon, beating its prior-year record. Macy’s shares fell more than 14% after the retailer saw lagging sales of winter clothing because of warmer weather and a decline in tourists visiting Macy’s flagship store locations, said CEO Terry Lundgren. Third-quarter revenue was nearly $5.9 billion, down from $6.2 billion a year earlier, marking the third straight quarter that sales have decreased. The company reported adjusted earnings of 56 cents a share, down from 61 cents a year earlier. Apache’s stock fell more than 5% after Anadarko Petroleum (APC) withdrew an offer to buy the oil and gas company.
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