The broader market slid lower following Walmart’s announcement that it is cutting its profit forecast — and more in Tuesday’s stock market recap.
Citing rising food prices and consumers pulling back on purchases of general merchandise, the big-box retailer cut both quarterly and full-year profit estimates ahead of its upcoming earnings report on Aug. 16.
The news sent Walmart Inc. (NYSE: WMT) plunging 9% in premarket trading, also dragging down names like Target Corp. (NYSE: TGT), Amazon.com Inc. (Nasdaq: AMZN) and Kohl’s Corp. (NYSE: KSS), which all fell about 4.5% to 5%.
Investors are keen to hear what the Federal Reserve has to say regarding inflation as its two-day meeting kicks off Tuesday ahead of this week’s gross domestic product and consumer sentiment reports.
Earnings season continued with Coca-Cola Co. (NYSE: KO) beating Wall Street estimates on both earnings per share and revenue.
Meanwhile, McDonald’s Corp. (NYSE: MCD) reported a narrow revenue miss but beat on EPS estimates. The fast food giant also reported a same-store sales increase of 3.7%, above analyst estimates of 2.8%.
In this morning’s stock market recap video, I’ll reveal the biggest Fed news to pay attention to today… an update on two of the biggest tech earnings reports this week… whether it’s time to move back into defensive stocks… what current volatility levels are confirming… an update on the long bond and why it’s more important to follow than ever before… plus how to trade the current market and the biggest threats of the week.
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The writing is on the wall…
Investors are pulling BILLIONS of dollars from bond and money market funds at the fastest pace in years, according to CNBC.
And this purge of capital could escalate…
But Joy of the Trade’s Jeff Zananiri is prepping for some of the biggest overnight turnarounds we’ve ever seen!
Get the Details Here
P.P.S. When it comes to trading, every second counts. And in choppy markets like these, often driven by headlines, stocks can make big moves in a flash.
That’s why I want you to get my latest trading ideas and market updates as fast as possible. So I’m rolling out an all-new option for my students to receive trade alerts with Telegram!
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Stock Market Recap: By the Numbers
This morning’s stock market futures recap:
- Close: 31,990.04.
- Futures: 31,843.
- Change: -124.
S&P 500 (mini)
- Close: 3,966.84.
- Futures: 3,953.
- Change: -17.
- Close: 12,328.41.
- Futures: 12,278.25.
- Change: -76.25.
- Close: 1,817.77.
- Futures: 1,811.5.
- Change: -5.9.
Note: Updated as of 9: 04 a.m. EDT
On Tuesdays, I’ll detail the strongest and weakest sectors in the entire market. I’ll tell you exactly where I’d put my money and go long, and which ones I’d avoid or even short. Using my proprietary momentum indicator, you’ll get actionable ideas on every market sector, every single Tuesday.
Need help understanding some basics that we discuss frequently? Check out some of our educational pieces to help get yourself up to speed! Have a question or a topic you’d like us to explain in a future article? Send your thoughts to firstname.lastname@example.org!
- What Is the Dow and How Does It Work?
- A Beginner’s Guide to the Nasdaq and How to Trade It
- What Companies Make up the S&P 500 and How Can I Trade It?
- What Is the VIX? Understanding Stock Market Volatility
- A Beginner’s Guide to Stock Sector Analysis and Relative Strength
- How to Pick Winning Stocks With Simple Market Analysis Tools
Check back each morning for the Roger Scott newsletter and the most important news and numbers in the WealthPress stock market recap.