Dow Futures Dip, Walmart Tanks After Cutting Profit Forecast

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%.