Author: Elena Todorova
123jump.com
Last Update: 10:08 AM EDT August 03 2006

U.S. stock markets opened in the negative, reflecting growing concerns about further interest rate increases after a pair of European central banks raised interest rates. Mixed monthly retail sales also contributed to the negative mood. Target Corp. posted a lower-than-expected 3.1% increase in same-store sales, sending its shares down by 1%. Gap Inc. fell3% after the clothing retailer said its sales dropped 4% for July.