NEW YORK (AP) \u2014 U.S. stocks are falling again, this time after the country\u2019s largest retailer reported profits that came up short of Wall Street\u2019s expectations. The S&P 500 fell 0.<\/p>\n
NEW YORK (AP) \u2014 U.S. stocks are falling again, this time after the country\u2019s largest retailer reported profits that came up short of Wall Street\u2019s expectations. The S&P 500 fell 0.5% in early trading Thursday and was on track for a fifth straight modest loss since setting an all-time high last week. The Dow Jones Industrial Average was down 215 points, and the Nasdaq composite was down 0.5%. Walmart weighed on the market after reporting a weaker profit than analysts expected. Big Tech stocks are under even more pressure to deliver stronger profits amid criticism that their stock prices ran too high, too fast.<\/p>\n
THIS IS A BREAKING NEWS UPDATE. AP\u2019s earlier story follows below.<\/p>\n
Wall Street is ticking lower in premarket trading Thursday as investors perused Walmart’s latest financial results ahead of Federal Reserve Chair Jerome Powell’s highly anticipated speech on Friday.<\/p>\n
Futures for the S&P 500 turned 0.2% lower before the bell, while futures for the Dow Jones Industrial Average slid 0.3%. Nasdaq futures edged 0.1% lower.<\/p>\n
Retail sector bellwether Walmart reported increases in second-quarter profits and sales Thursday as it continues to lure price-sensitive shoppers for groceries and other essentials despite a challenging tariff environment.<\/p>\n
The nation\u2019s largest retailer dipped 2.6% in premarket trading despite raising its annual profit and sales outlook<\/a>. Walmart is among the first group of major U.S. retailers this week to report quarterly results that should shed more light on how consumers are coping with rising prices because of higher tariff costs. <\/p>\n Beauty and cosmetics maker Coty did not fare as well in its most recent quarter. Investors fled after the owner of CoverGirl and Clairol beauty brands posted an unexpected fourth-quarter loss, sending shares down more than 20% after hours. Sales fell 8% from the same period a year ago and the company said it expects margins to continue to be pressured by lower sales and the impact of tariffs.<\/p>\n Wall Street’s attention will turn to Jackson Hole, Wyoming on Friday, when Powell will speak to an annual conference of central bankers. <\/p>\n The Fed has kept its main interest rate steady this year, concerned that President Donald Trump\u2019s tariff hikes<\/a> could push inflation<\/a> higher. But a surprisingly weak report <\/a> on job growth across the U.S. may be superseding that. <\/p>\n Still, minutes<\/a> from the Fed\u2019s July 29-30 meeting released Wednesday<\/a> showed most Fed officials felt the threat of higher inflation was a greater concern<\/a> than the potential for job losses, leading the central bank to keep its key rate unchanged. <\/p>\n The Fed’s inaction has infuriated Trump, who has publicly admonished Powell<\/a> and other Fed officials, going so far as to demand that they resign.<\/p>\n