Walmart Inc WMT:NYSE

Last Price$121.51Cboe Real-Time Last Sale as of 10:34AM ET 6/30/22
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Today's Change-0.41(0.34%)
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Day Low / High$119.89 - 121.54
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US Stocks Turn Negative in Volatile Thursday Session

4:47PM ET 5/19/2022 MT Newswires
US stocks finished in negative territory Thursday, struggling to find direction a day after a massive sell-off in consumer stocks.

The Dow Jones Industrial Average fell by 0.8% to 31,253.13 and the S&P 500 slid by 0.6% to 3,900.79. The Nasdaq Composite traded 0.3% lower to 11,388.50. Consumer staples and technology were the steepest decliners, while materials and health were the only gainers left upon market close.

The US 10-year yield fell by 3.8 basis points to 2.85%, extending its recent declines amid persisting concerns that economic growth is slowing.

West Texas Intermediate crude oil futures climbed by $1.81 to $111.40 a barrel.

On Wednesday, Target (TGT) sparked a sell-off that pushed the S&P 500 close to the bear-market territory after the discount retailer said higher costs ate into quarterly earnings, echoing a similar comment from Walmart (WMT) earlier. Both stocks remained lower Thursday.

Among retailers, department store chain Kohl's (KSS) also reported being negatively impacted by inflation headwinds, slashing its fiscal 2022 outlook after first-quarter results lagged expectations. The stock was up 4.4%. "Following a strong start to the quarter with positive low-single digits comps through late March, sales considerably weakened in April," Chief Executive Michelle Gass said. The company "encountered macro headwinds related to lapping last year's stimulus and an inflationary consumer environment," he said.

In other corporate earnings news, Under Armour (UA, UAA) fell almost 16%, the biggest decline in the S&P 500, after CEO Patrik Frisk said he would step down on June 1 and be succeeded on an interim basis by chief operating officer Colin Browne during the search for a permanent chief executive at the athletic wear company.

Cisco Systems (CSCO) also cut its fiscal 2022 guidance as the Ukraine war and lockdowns in China weighed on sales, and the company said port congestion when Shanghai reopens was a worry for the current quarter. Shares slumped 14%, the worst performer on the Dow, and the Nasdaq 100.

In economic news, the US existing home sales fell to a 5.61 million seasonally adjusted annual rate in April, its lowest level since June 2020, from 5.75 million in the previous month, the National Association of Realtors said Thursday. The consensus was for a drop to 5.65 million in a survey compiled by Bloomberg,

"The third straight decline in sales is no fluke," Pantheon Macroeconomics Chief Economist Ian Shepherdson said in a research note. "Activity is now clearly responding to the drop in mortgage demand, which indicates that bigger declines are coming very soon."

Gold climbed $24.00 to $1,846.40 per ounce and silver rose $21.95 to $21.95 per ounce. Among energy ETFs, the United States Oil Fund was up 1.6% to $80.58 while the United States Natural Gas Fund was down 1.8% to $27.98.