Walmart’s profit warning weighs on retail sector
Major indexes drop to the midday low, with the Dow Jones Industrial Average (DJI) and Nasdaq Composite (IXIC) two to three digits like Walmart (WMT) profit warning haunts him distribution sector. The Federal Reserve launches its two-day political meeting this afternoon, drawing Wall Street’s attention to upcoming Big Tech earnings. Meanwhile, economic data showed the consumer confidence index fell for the third straight month in June, while the S&P Case-Shiller National Home Price Index rose 1.3% in June. May, more slowly than April’s 1.7% gain.
Keep reading to learn more about the current market, including:
- 3M stock deviates higher amid a healthcare spin-off.
- Recording with hot tub stock after its quarterly report.
- Additionally, two stocks moved higher after earnings; and SHOP is downsizing as demand slows.
Options traders target General Electric Co (NYSE: GE) after the company’s strong results in the second quarter. So far, 21,000 calls and 20,000 puts have been traded, with overall options volume six times the intraday average. The September 65 put option is the most popular, followed by the weekly call of 72 strikes on 07/29, with new positions bought to be opened to both. At last glance, GE was up 5.6% at $72.20 and jumping above long-term pressure at the 60-day moving average.
One of the best performing stocks on the Nasdaq today is Covenant Logistics Group Inc. (NASDAQ: CVLG), up 15.5% to $33.76, after the company’s second-quarter results. The truck shipping name reported earnings of $1.63 per share on revenue of $317.38 million, easily beating estimates of $1.31 per share on $282.6 million. Today’s pop has lifted the stock from recent pressure at the $30 level to trade at its highest levels since October 2021.
Meanwhile, the New York Stock Exchange (NYSE) Shopify Inc (NYSE:SHOP) slips 16.5% to trade at $30.57 as Walmart’s profit warning weighs. Moreover, the e-commerce The company is cutting 10% of its workforce amid slowing consumer spending. Security has been midway between the $30 and $40 levels for the past two months, and the $30 level provides a floor for today’s pullback.