🥇 First rule of investing? Know when to save! Up to 55% off InvestingPro before BLACK FRIDAYCLAIM SALE

U.S. stocks were falling after Walmart's 2023 outlook disappoints

Published 02/21/2023, 11:12 PM
© Reuters.
XAU/USD
-
US500
-
DJI
-
WMT
-
HD
-
GC
-
LCO
-
CL
-
IXIC
-

By Liz Moyer

Investing.com -- U.S. stocks were falling after retail giant Walmart issued a gloomy outlook for 2023.

At 9:55 ET (14:55 GMT), the Dow Jones Industrial Average was down 372 points or 1.1%, while the S&P 500 was down 1% and the NASDAQ Composite was down 1.2%.

Walmart Inc. (NYSE:WMT), the U.S.'s largest retailer forecast full-year earnings that came in below estimates. Consumers are bargain hunting, and that could pressure its margins. Shares of Walmart fell 1.3%.

Home Depot, Inc. (NYSE:HD), the home improvement retailer, also issued a profit forecast that was lower than expected after higher supply chain costs and weak demand. Shares of Home Depot fell more than 5%.

Investors had hoped retail earnings would provide some hope that the Federal Reserve was nearing the end of its interest rate hiking. That hope has lifted stocks this year, especially tech stocks.

But recent data on inflation has pointed to still strong trends. The market believes the Fed will raise rates by another quarter of a percentage point when it meets in March and again in May.

On Wednesday, the Fed will release its meeting minutes from earlier this month, providing investors another chance to parse the words of Fed officials to see where they are headed on interest rate policy.

This week's economic data includes another reading of gross domestic product for the fourth quarter, and personal spending and personal income and the Fed's preferred inflation measure, the core personal consumption expenditure index, all due out Friday.

Oil was mixed. Crude Oil WTI Futures was up 0.7% to $77.13 a barrel, while Brent Oil Futures crude fell 0.4% to $83.72 a barrel. Gold Futures was down 0.3% to $1844.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.