Stock Market Today: Dow ends lower as Walmart slide, energy slump weighs
Investing.com — The Dow closed lower Thursday, paced by a slump in Walmart and worries about the economy following a wave of mostly weaker-than-expected economic data.
At 16:00 ET (21:00 GMT), the Dow Jones Industrial Average was down 45 points or 0.1%, while the S&P 500 was up 0.1% and the NASDAQ Composite was up 0.1%.
Walmart (NYSE:WMT), the largest retailer in the U.S, lifted its annual guidance, forecasting adjusted EPS of $6.40 to $6.48, but that was short of estimates for EPS of $6.50 and offset quarterly results that beat on the top and bottom lines. Its shares fell more 8%.
Chief Financial Officer John David Rainey told CNBC that inflation-hit consumers are still continuing to put off larger purchases as they await promotional periods, echoing comments made by fellow retailer Target on Wednesday, when it pointed to lingering pressures on consumers from higher interest rates and lower savings.
Macy’s (NYSE:M), meanwhile, rose 4%% after the department store chain lifted its full-year guidance following better-than-expected Q3 results.
Cisco Systems (NASDAQ:CSCO) stock fell nearly 10% after the company cut its full-year revenue and profit forecasts in a sign that demand for its networking equipment was slowing.
Still some on Wall Street are willing to give Cisco the benefit of the doubt as the company may benefit from «multiple long-term demand tailwinds,» including security and artificial intelligence, Oppenheimer said as it maintained its outperform rating on the company, though cut its price target on the stock to $54 form $58.
Palo Alto Networks (NASDAQ:PANW) stock fell 5% after the cybersecurity company posted solid first-quarter results but issued second-quarter and full-year billing guidance below
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