Dow Futures Dip, Walmart Tanks After Earnings

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Dow Futures Dip, Walmart Tanks After Earnings
Credit: © Reuters.

By Oliver Gray 

Investing.com - U.S. stock futures were trading lower during Monday’s evening deals, following a mixed session among major benchmark averages as investors focus on a slew of corporate earnings reports.

By 6:45pm ET (10:45pm GMT) Dow Jones Futures and Nasdaq 100 Futures were down 0.4% apiece, while S&P 500 Futures fell 0.3%.

In extended deals, retail stocks were sent tumbling as Walmart Inc (NYSE: WMT ) tanked 9.6% after cutting its Q2 and full 2023-year guidance, due to pricing actions aimed to improve inventory levels.

Target Corporation (NYSE: TGT ) fell 4.9%, Macy’s Inc (NYSE: M ) lost 3.9%, Home Depot Inc (NYSE: HD ) shed 2%, Dollar Tree Inc (NASDAQ: DLTR ) fell 4.3%, Five Below Inc (NASDAQ: FIVE ) declined 2.7%, and Costco Wholesale Corp (NASDAQ: COST ) shed 3.2%.

Aaron's Inc (NYSE: AAN ) plummeted 25.8% after reporting Q2 EPS of $0.79, beating estimates of $0.64, while revenue came in at $610.38 million versus $607.87 million expected.

F5 Networks Inc (NASDAQ: FFIV ) added 5.6% after reporting Q3 EPS of $2.57 versus $2.24 expected on revenue of $674.45 million versus $668.36 million expected.

Cadence Design Systems Inc (NASDAQ: CDNS ) gained 3.9% after the company reported Q2 EPS of $1.08, above estimates of $0.96 while revenue was reported at $857.5 million versus $834.51 million.

Whirlpool Corporation (NYSE: WHR ) added 1.4% after reporting Q2 EPS of $5.97, above expectations of $5.27. Revenue came in at $5.1 billion versus $5.23 billion.

Ahead in the session, the Federal Reserve is set to commence its two-day policy meeting , with market participants widely expecting a 75 basis point hike.

Earnings results will also be closely monitored with Coca-Cola Co (NYSE: KO ),McDonald’s Corporation (NYSE: MCD ), and General Motors Company (NYSE: GM ) set to report on Tuesday before the bell while Alphabet Inc (NASDAQ: GOOGL ), Microsoft Corporation (NASDAQ: MSFT ), Chipotle Mexican Grill Inc (NYSE: CMG ), United Parcel Service Inc (NYSE: UPS ), and Enphase Energy Inc (NASDAQ: ENPH ) are slated to report after the bell.

On the data front, traders are looking ahead to the Case-Shiller Home Price Index , CB consumer confidence and new home sales data set to be released later in the session.

During Monday’s trade, the Dow Jones Industrial Average climbed 90.75 points, or 0.3%, the S&P 500 added 0.1% while the NASDAQ Composite lost 0.4%.

On the bond markets, United States 10-Year rates were at 2.807%.

 

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