Home Depot Inc loses 5.4% to three-month lowsafter the first home improvement chain warned of the weakening demand and issued a grim 2023 earnings forecast. Its rival Lowe’s Cos Inc loses 4.8% pending its results next week.
Walmartthe largest retailer in the world, rises 0.6% and reverses the fall after its earnings forecast for the whole year outside lower than estimates and presented a gloomy outlook where higher-than-expected food inflation would reduce profit margins.
“Walmart is a barometer of the consumer situation and the fact is that they anticipate that the consumer may be getting to the point where they have to back off,” he said. Art HoganChief Market Strategist at B Riley Wealth.
Ten of the top 11 S&P 500 sectors falland the consumer discretionary index fell 2.1%.
The performance of the 10-year treasury bonds rise, putting pressure on interest rate sensitive growth stocks. Returns have been boosted by positive economic data and hawkish comments from Federal Reserve officials, which have led investors to anticipate higher rates for longer as the bank continues to battle still-high inflation.
Apple Inc, Amazon.com Inc, Microsoft Corp, and Alphabet Incparent company of Google, lose more than 1%.
Meta Platforms Inc rises 0.7% after Facebook parent said it is testing a Service monthly subscription called Meta Verifiedwhich will allow users to verify their accounts using a government ID and get a blue badge
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