Walmart’s stock falls
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In response to the reports, stocks are now plummeting in futures trading. The Russell 2000 (-0.61%), the Dow (-0.42%), and the Nasdaq and S&P 500 (-0.35% each) are all declining in futures.
After disappointing earnings from The Home Depot and Target this week, Walmart was closely watched by investors today.
1hon MSN
Walmart reports stronger-than-expected sales — but shares drop as profits get squeezed by tariffs
The world’s biggest retailer posted quarterly revenue of $177.4 billion — a hefty 4.8% jump that sailed past Wall Street’s $175.9 billion target.
U.S. stocks are slipping again, this time after the country’s largest retailer reported profits that came up short of Wall Street’s expectations.
Shares of Walmart ( WMT) were down 5.0% in early trading on Thursday. Target ( NYSE: TGT) shed 1.7% and Costco Wholesale ( NASDAQ: COST) traded 2.1% lower. Dollar General ( DG) was 1.6% lower in early action.
Shares of Walmart are trading more than 5% lower following the world’s largest retailer’s quarterly earnings release. The results, announced this morning, triggered a selloff that pushed the stock below key technical support levels.
At the end of the week, investors look forward to Powell's speech at the annual Jackson Hole Economic Symposium.
Target also imports about half of its merchandise, compared to roughly 33% at Walmart, so it needs to raise prices at almost double the rate of Walmart to mitigate the tariff impact, Bank of America analyst Robert Ohmes said in a report this week.
Follow all the latest U.S. market action for Thursday here to see if stocks can shrug off their latest rotation-based wobble as investors eye Walmart earnings and continue to eye Fed Chair Powell's speech on Friday.
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