Markets Subside on Retail Earnings

The S&P 500 slipped Tuesday as traders assessed earnings results from Walmart and Home Depot and looked ahead to more big retail reports.

The Dow Jones Industrials gained 74.95 points to kick off Tuesday at 33,987.38.

The S&P 500 dipped 10.17 points to 4,286.97.

The NASDAQ Composite slumped 104.33 points, or to 13,023.73.

Walmart reported earnings per share that beat analyst expectations and stuck with its second-half outlook, which sent the stock up 5%. Home Depot reported earnings that beat expectations and maintained its 2022 guidance.

Retail earnings continue with reports from Target and Lowe’s due out Wednesday.

Elsewhere, shares of ZipRecruiter slipped 7% after the company lowered its revenue outlook.

Wall Street is coming off a solid session, with the major averages all rising Monday after a sharp intraday turnaround. The move higher built on the market’s rally off a June low.

Treasury prices were down, raising yields to 2.87% from Monday’s 2.80%. Treasury prices and yields move in opposite direction.

Oil prices lost 25 cents to $89.16 U.S. a barrel.

Gold prices fell $7.80 to $1,790.30 U.S. an ounce.

Markets Subside on Retail Earnings