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Stocks fall after Walmart’s profit warning, dragging other retail names lower

by Staff Writer
July 26, 2022
in Business
Reading Time: 3 mins read
Stocks fall after Walmart's profit warning, dragging other retail names lower
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U.S. equities fell on Tuesday after Walmart cut its profit forecast, sending retail stocks tumbling.

The Dow Jones Industrial Average fell by 87 points, or 0.3%. The S&P 500 lost 0.4% and the Nasdaq Composite declined 0.8%.

A late Monday announcement from Walmart, which cut its quarterly and full-year profit estimates because of rising food inflation, 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.

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Walmart plunged 8% Tuesday and dragged other retailers with it. Target and Kohl’s each dropped about 5%, while Amazon and Dollar General each fell 4%. Costco shed 3%. The SPDR S&P Retail ETF was down by more than 4%.

“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 general trend in the market right now is most companies are coming in below estimates, but not as badly as the market feared,” he added. “This means the process for estimates themselves is broken since they don’t properly reflect the market’s expectations at a given moment in time.”

Elsewhere, General Motors fell 4% after the company missed earnings estimates, citing supply chain disruptions stemming from Russia’s war on Ukraine and global Covid lockdowns.

UPS shares fell 3%, despite the company posting earnings and revenue beats for the second quarter, after the shipping giant reported declines in its international and supply chain businesses.

Shares of McDonald’s dipped slightly 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.

On the flip side, Coca-Cola shares rose 1% after the beverage giant topped earnings and revenue expectations, citing a sales volume recovery from the pandemic and higher pricing.

Industrial stocks gave a positive showing too. Shares of 3M rose 6% after beating earnings and revenue estimates and announcing 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 almost 4%.

Traders are also bracing for an onslaught of mega-cap 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.

“I think that there’s going to be a bifurcated market,” VantageRock Capital’s Avery Sheffield said during CNBC’s “Closing Bell: Overtime.” “I think the bottom might be in certain stocks, but nowhere in others. So this actually could be one of the most dynamic earnings seasons we’ve seen in a long time.”

Stocks traded in a narrow range during Monday’s session, with the S&P 500 adding 0.1%. The Dow Jones Industrial Average climbed 90.75 points, or 0.3%. The tech-heavy Nasdaq Composite lagged, sliding 0.4%. All of the major averages are on track for their best month of the year.

On Tuesday, the Federal Reserve will commence 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.

“We expect the Fed will signal that they are still following the data and leave the door open for at least one more 75 bps increase – if not multiple 75 bps rate increases – and market interest rate expectations will become less sanguine about the Fed pausing rate hikes any time soon,” said Chris Zaccarelli, chief investment officer for Independent Advisor Alliance.

Source by www.cnbc.com

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