Retail stocks aren’t doing so hot on Tuesday. Investors can look to commerce giant Walmart (NYSE:WMT) when assigning blame.
Today, Walmart released its most recent earnings report. In that report, the company cut its earnings per share (EPS) guidance for the second quarter from flat to a slight increase to down by between 8% and 9% year-over-year (YOY).
To go along with that, Walmart also cut its guidance for the full fiscal year. It now expects EPS to drop by between 11% and 13%. The retail chain’s prior estimate was for EPS to experience a 1% drop compared to 2021.
Walmart contributes this decline in guidance to ongoing economic issues. Mainly, inflation is keeping customers from buying general products at its stores as they now have to focus more on purchasing food. That has resulted in Walmart cutting prices for general goods to better manage its inventory and move products.
Because Walmart is the largest retailer in the U.S., it makes sense that an economic warning from the company would affect others in the space. Let’s see how the news is hurting other retail stocks below.
Retail Stocks Down Today
- Walmart starts off this list with shares down 8% as of Tuesday morning.
- Target (NYSE:TGT) stock joins the list, seeing a roughly 4% decrease as of this writing.
- Costco Wholesale (NASDAQ:COST) shares are also sliding today, down more than 3%.
- Amazon (NASDAQ:AMZN) is also feeling the impact of Walmart’s guidance cut with a roughly 4% drop.
There’s plenty of other stock market news that traders need to know about for Tuesday!
Luckily, we’ve got all the most recent news ready to go in one place! This includes what has shares of Exela Technologies (NASDAQ:XELA), Shopify (NYSE:SHOP) and 3M (NYSE:MMM) stock on the move today. You can find out more on these matters below!
More Tuesday Stock Market News
- What Is Going on With Exela (XELA) Stock Today?
- SHOP Stock Sinks as Shopify Cuts 10% of Workforce
- MMM Stock Pops as 3M Plans to Spin Off Healthcare Business
On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.