U.S. stock futures edged lower Tuesday, hurt by Walmart cutting profit guidance ahead of a wave of corporate earnings.
What’s happening On Monday, the Dow Jones Industrial Average DJIA rose 91 points, or 0.28%, to 31990, the S&P 500 SPX increased 5 points, or 0.13%, to 3967, and the Nasdaq Composite COMP dropped 51 points, or 0.43%, to 11783.What’s happening On Monday, the Dow Jones Industrial Average DJIA rose 91 points, or 0.28%, to 31990, the S&P 500 SPX increased 5 points, or 0.13%, to 3967, and the Nasdaq Composite COMP dropped 51 points, or 0.43%, to 11783.
What’s driving markets Walmart WMT late Monday cut its profit outlook, saying inflation on food has caused it to conduct more markdowns in apparel. The opposite side of that coin was Unilever UL , as the maker of Hellmann’s mayonnaise and Ben & Jerry’s ice cream said price rises were able to offset reduced volume.
“It was a steady start for most markets to a big earnings week, until Walmart issued a warning after hours. The stock lost 10% and there was negative read-across for the rest of the U.S. consumer sector,” said Ian Williams, strategist at U.K. broker Peel Hunt. A massive slate of earnings includes McDonald’s, MCD General Motors GM , Coca Cola KO , and after the close, tech titans Alphabet GOOGL and Microsoft MSFT .
The Federal Reserve starts its two-day interest-rate-setting meeting, and the economic calendar also includes house prices and, shortly after the open, consumer confidence and new-home sales reports.
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