The Dow lost more than 200 points
Walmart's (WMT) grave profit warning weighed on Wall Street, keeping the major indexes below their respective breakeven levels for the entirety of Tuesday's session. Stocks in the retail sector were hit particularly hard, with the big-box retailer's lowered forecast implying a general pullback on consumer spending as inflation runs wild. In response, the Dow shed 228 points, while the Nasdaq and S&P 500 each took a considerable haircut as well. Elsewhere, the U.S. Federal Reserve's two-day meeting is on, and many are pricing in a three-quarter percentage point interest rate hike.
Continue reading for more on today's market, including:
- This bank giant's rally could get rocky.
- A deep-dive on Qualcomm stock ahead of earnings.
- Plus, more on today's Fed meeting; what analysts had to say about ROKU; and 2 retail bigwigs that got hit especially hard.
The Dow Jones Average (DJI - 31,761.54) lost 228.5 points, or 0.7% for the day. 3M (MMM) led the gainers, adding 4.9%. Walmart (MWT) paced the laggards, falling 7.6%.
The S&P 500 Index (SPX - 3,921.05) shed 45.8 points, or 1.2% for the day. Meanwhile, the Nasdaq Composite (IXIC -11,562.58) fell 220.1 points, or 1.9% for the session.
Lastly, the Cboe Market Volatility Index (VIX - 24.69) added 1.3 point, or 5.7% for the day.
5 Things to Know Today
- The CEO of Meta (FB) -owned Instagram, Adam Mosseri, responded to criticism from the Kardashians, sharing a video on Twitter explaining the social media platform's push toward more video-based content. (CNBC)
- Credit Suisse (CS) CEO Thomas Gottstein will announce his departure from the company, according to those familiar with the matter. (MarketWatch)
- Here's what investors can expect from today's Federal Reserve meeting.
- Mixed analyst attention sent this streaming concern even lower.
- The 2 retail heavyweights that got hit hard during today's selloff.
Recession Concerns Weigh on Oil Prices
Oil prices sank on Tuesday as recession concerns outweighed anxieties over tight crude supply. September-dated crude shed $1.72, or 1.8%, to settle at $94.98 per barrel.
A rally for the U.S. dollar put even more pressure on gold prices, which sank again today. August-dated gold fell $1.40, or nearly 0.1%, to close at $1,717.70 an ounce.