Wall Street set to open lower as Walmart warning rattles retail stocks

Published by
Reuters

By Shreyashi Sanyal and Aniruddha Ghosh (Reuters) -Wall Street’s major indexes were set to fall at the open on Tuesday after Walmart’s profit warning heightened fears in the retail sector that consumers were cutting back on discretionary spending in the face of decades-high inflation. Walmart Inc’s shares slumped 9.5% in premarket trading, while Target and Amazon.com fell 3.3% each, souring the mood in what is set to be the busiest week of the earnings season. “It’s not a surprise, this is what normally happens when inflation is so high or when consumers are having trouble paying their bills,”…

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