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Grim news from Walmart sends US markets tumbling

July 26, 2022

Via: ABC News

Stocks are being dragged lower early Tuesday after a warning from corporate giant Walmart that inflation was negatively impacting American consumers’ spending power.

The S&P 500 index was down 0.9% as of 11:15 a.m. Eastern. The Dow Jones Industrial Average lost 0.4% and the Nasdaq Composite was down noticeably more, falling 1.4%.

Walmart shares dropped nearly 9% after the retail giant cut its profit outlook for the second quarter and the full year, saying rising prices for food and gas are forcing shoppers to cut back on discretionary items, particularly clothing, that carry higher profit margins.

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