Friday, August 12, 2022
99newser
  • Home
  • World News
  • Celebrity News
  • Stock Market News
  • Health News Updates
  • Latest Sport News
No Result
View All Result
99newser
  • Home
  • World News
  • Celebrity News
  • Stock Market News
  • Health News Updates
  • Latest Sport News
No Result
View All Result
99newser
No Result
View All Result
Home Stock Market News

Dow sheds more than 200 points after Walmart profit warning, S&P 500 falls 1% – CNBC

Editorial Team by Editorial Team
July 25, 2022
in Stock Market News
0
Dow sheds more than 200 points after Walmart profit warning, S&P 500 falls 1% – CNBC
585
SHARES
3.3k
VIEWS
Share on FacebookShare on Twitter

U.S. stocks fell Tuesday after Walmart cut its earnings forecast, sending other retail shares lower and adding to concern that consumer spending might not be strong enough to keep the U.S. out of a recession.

You might also like

Stock Market Today: Dow and S&P 500 Give Up Gains, Nasdaq Falters – The Wall Street Journal

Today’s Stock Market News: Futures Rise After Nasdaq Enters Bull Market – The Wall Street Journal

Dow Jones Futures Rise: Stock Market Rally Enters Power Trend; These 4 EV Plays Flash Buy Signals | Investor’s Business Daily – Investor’s Business Daily

The Dow Jones Industrial Average fell 228.50 points, or 0.71%, to 31,761.54. The S&P 500 retreated by 1.15% to 3,921.05. The Nasdaq Composite declined about 1.87% to 11,562.57. All of the major averages were still on pace for their best month of 2022.

Walmart cut its quarterly and full-year profit estimates because of rising food inflation. This alarmed investors who deliberated the implications for other retail stocks. The big-box retailer said higher prices are spurring consumers to pull back on general merchandise spending, particularly in apparel.

Walmart plunged 7.6% Tuesday and dragged other retailers with it. Kohl’s and Target dropped 9.1% and 3.6%, respectively. Among apparel companies, Macy’s was among the hardest hit, down 7.2%. Nordstrom and Ross each lost more than 5%, and TJX Companies shed about 4.2%. The SPDR S&P Retail ETF fell nearly 4.2%.

“The most important thing from the Walmart announcement is how inflation is changing what people buy,” said Robert Cantwell, portfolio manager at Upholdings. “Food now makes up a bigger share of individuals’ budgets, but overall spending still generally remains intact.”

The retail turmoil bled into e-commerce stocks. Shopify tumbled about 14.1% after the payments provider announced it’s laying off about 10% of its global workforce, citing a pullback in online spending and saying it misjudged how long the pandemic-fueled e-commerce boom would last. The company will report its earnings Wednesday.

Amazon fell 5.2%. Square parent Block and PayPal, both of which operate major merchant services businesses, dropped roughly 7.1% and 5.7%, respectively.

Inflation has also changed the cost of production for companies like General Motors. Its shares fell 3.4% after the company missed earnings estimates, blaming supply chain disruptions that forced factory shutdowns and led it to ship fewer vehicles than expected.

UPS shares also slid 3.4% after the shipping giant reported declines in its international and supply chain businesses.

On the flip side, Coca-Cola shares rose 1.6% after the beverage giant topped earnings and revenue expectations, citing a sales volume recovery from the pandemic and higher pricing.

Shares of McDonald’s added nearly 2.7% following mixed second-quarter results, in which net sales were hurt in part by the closure of locations in Russia and Ukraine, but international growth elsewhere fueled a rise same-store sales.

Industrial stocks were earnings winners, too. Shares of 3M rose 4.9% after the company beat earnings and revenue estimates and announced plans to spin its health care business into a separate publicly traded company. General Electric posted better-than-expected results, citing recovery in the aviation industry that boosted its jet engine business. Its shares gained 4.6%.

Traders are also bracing for an onslaught of megacap tech earnings and economic data this week, as well as the outcome of the Federal Reserve meeting, that will help Wall Street direct its expectations for the rest of the year.

“There is this moderating of earnings expectations,” said Stephanie Lang, chief investment officer of Homrich Berg. “The overall corporate sentiment seems to be declining, there is a lot of cautionary commentary around inflation, the dollar”

“As the Fed continues on its trajectory with its main goal to weaken demand for goods and services, that will translate into a weaker top line – if they are able to get inflation under control and temper that demand,” she added. “That’s something we would be concerned about for the second half of this year.”

Fed meeting and the market’s expectations

On Tuesday, the Federal Reserve commenced its two-day policy meeting. Traders are widely expecting a three-quarter percentage point hike and will be looking for clues on the future interest rate path and what it could mean for equity market pricing.

“The bottom line is the Fed, no matter how you cut it, is going to quickly move to that restrictive stance that will have a toll on the economy,” Lang said. “It’s going to get there quickly enough, whether it’s an extra 25 basis points next time versus a month later. Within the next six months we’re going to be in a financially restrictive environment.”

Lea la cobertura del mercado de hoy en español aquí.

Previous Post

STOCK MARKET NEWS: Stocks mixed, Musk denies affair, gas, oil prices lower – Fox Business

Next Post

A diet rich in carotenoids may boost women’s health – Medical News Today

Editorial Team

Editorial Team

Related Posts

Stock Market Today: Dow and S&P 500 Give Up Gains, Nasdaq Falters – The Wall Street Journal
Stock Market News

Stock Market Today: Dow and S&P 500 Give Up Gains, Nasdaq Falters – The Wall Street Journal

by Editorial Team
August 11, 2022
Today’s Stock Market News: Futures Rise After Nasdaq Enters Bull Market – The Wall Street Journal
Stock Market News

Today’s Stock Market News: Futures Rise After Nasdaq Enters Bull Market – The Wall Street Journal

by Editorial Team
August 11, 2022
Dow Jones Futures Rise: Stock Market Rally Enters Power Trend; These 4 EV Plays Flash Buy Signals | Investor’s Business Daily – Investor’s Business Daily
Stock Market News

Dow Jones Futures Rise: Stock Market Rally Enters Power Trend; These 4 EV Plays Flash Buy Signals | Investor’s Business Daily – Investor’s Business Daily

by Editorial Team
August 11, 2022
STOCK MARKET NEWS: Nasdaq enters bull market, Dow adds 535 points, Disney earnings in focus – Fox Business
Stock Market News

STOCK MARKET NEWS: Nasdaq enters bull market, Dow adds 535 points, Disney earnings in focus – Fox Business

by Editorial Team
August 10, 2022
Dow Shoots Higher, Tesla Gains – Barron’s
Stock Market News

Dow Shoots Higher, Tesla Gains – Barron’s

by Editorial Team
August 10, 2022
Next Post
A diet rich in carotenoids may boost women’s health – Medical News Today

A diet rich in carotenoids may boost women's health - Medical News Today

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Best White Dresses From Revolve

Best White Dresses From Revolve

July 22, 2022
How To Style Shorts And Boots For 2022

How To Style Shorts And Boots For 2022

August 9, 2022

Categories

  • Celebrity News
  • Health News Updates
  • Latest Sport News
  • Stock Market News
  • World News

Don't miss it

Olivia Wilde wins custody battle against Jason Sudeikis after judge dismissed his petition – HOLA! USA
Celebrity News

Olivia Wilde wins custody battle against Jason Sudeikis after judge dismissed his petition – HOLA! USA

August 12, 2022
Splatoon | 3fc.jpg

Splatoon | 3fc.jpg

August 11, 2022
Devon Aoki’s Wildest Y2K Style Moments

Devon Aoki’s Wildest Y2K Style Moments

August 11, 2022
Where To Shop TikTok’s Latest Trend ‘Tenniscore’

Where To Shop TikTok’s Latest Trend ‘Tenniscore’

August 11, 2022
Rocky Mount officer Thomas Robertson sentenced to over 7 years in Jan. 6 riot

Rocky Mount officer Thomas Robertson sentenced to over 7 years in Jan. 6 riot

August 11, 2022

Who can teach me how to make money online – Asia Insurance Review

August 11, 2022

Recent News

Olivia Wilde wins custody battle against Jason Sudeikis after judge dismissed his petition – HOLA! USA

Olivia Wilde wins custody battle against Jason Sudeikis after judge dismissed his petition – HOLA! USA

August 12, 2022
Splatoon | 3fc.jpg

Splatoon | 3fc.jpg

August 11, 2022
  • Home
  • World News
  • Celebrity News
  • Stock Market News
  • Health News Updates
  • Latest Sport News

© 2020 99newser.com

No Result
View All Result
  • Home
  • World News
  • Celebrity News
  • Stock Market News
  • Health News Updates
  • Latest Sport News

© 2020 99newser.com