The Dow Jones Industrial Average and S&P 500 closed lower, clinching their worst daily performance in nearly a month on Tuesday as anxieties about a looming Federal Reserve decision and a flurry of big-tech earnings undercut stocks.
Stocks opened lower after Walmart Inc. late Monday cut its profit outlook, saying inflation on food had caused it to conduct more markdowns in apparel. Shares fell 7.6% Tuesday, while other retail stocks also sunk. The SPDR S&P Retail ETF closed 4.2% lower.
The retailing giant’s insight into how inflation has been constraining consumption rattled markets by offering more cold, hard evidence that the engine of the U.S. economy — consumer spending — has been constrained by inflation.
As U.S. stocks fell to lows of the session in afternoon trading, analysts blamed jitters ahead of earnings reports due from some of the biggest American tech companies, many of which were reported Tuesday, or later in the week.
Investors were awaiting a flurry of reports including Meta Platforms Inc. META and Amazon.com Inc. AMZN among many others in the busiest week of the quarter for corporate earnings……[read more]
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