Stock market today: Wall Street slips despite Walmart's strong profit report
U.S. stocks are slipping following escalations in the Russia-Ukraine war
NEW YORK — U.S. stocks are slipping Tuesday following escalations in the Russia-Ukraine war, as investors herd into Treasury bonds and other investments traditionally seen as safer during times of trouble.
The S&P 500 was 0.4% lower in morning trading. The Dow Jones Industrial Average was down 356 points, or 0.8%, as of 10:10 a.m. Eastern time, and the Nasdaq composite was 0.2% lower.
The losses were more severe in European stock markets, where France’s CAC 40 index fell 1.5% and Germany’s DAX lost 1.5%. They sank after Russia said Ukraine fired six U.S.-made ATACMS missiles at it. Earlier in the day, Russian President Vladimir Putinformally lowered the threshold for Russia’s use of its nuclear weapons.
Prices rose for U.S. Treasury bonds, which are seen as some of the world’s safest investments. That in turn lowered their yields, and the 10-year Treasury yield fell to 4.37% from 4.41% late Monday. Gold also rose 0.5% and recovered some of the losses it sustained following Donald Trump’s victory in the U.S. presidential election.
Such cautiousness overshadowed optimism coming from reports by big U.S. retailers showing fatter profits for the summer than analysts expected.
Walmart climbed 3.3% after topping forecasts for both profit and revenue. The nation’s biggest retailer said it saw broad-based strength across its categories, including sales made both online and in stores. It also said it served more upper-income households, while raising its forecasts for sales and profit for the full year.
Lowe’s likewise delivered bigger profit and revenue for the latest quarter than analysts expected, but its stock nevertheless dropped 4.1%.
A report in
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