![]() ![]() Tesla ( TSLA) spiraled down 5.3% after rising for six back-to-back weeks. Cathie Wood's Ark Innovation ETF ( ARKK) plopped 6.1%. Speculative technology stocks, which led the rally higher to start the year, were taking a beating on Tuesday. The picture was similar for home improvement retailer The Home Depot, which also reported disappointing fourth quarter results and said it was in for a challenging 2023. MIAMI, FLORIDA - JANUARY 24: A worker stocks the shelves at a Walmart store on Januin Miami, Florida. "And so that’s why we take a pretty cautious outlook on the rest of the year." "The consumer is still very pressured, and if you look at economic indicators, balance sheets are running thinner and savings rates are declining relative to previous periods," Walmart chief financial officer John David Rainey said during an earnings call. Shares closed slightly higher after paring losses from early in the session. The retail giant also issued full-year earnings guidance below Wall Street estimates. Walmart, however, warned Tuesday morning that it was cautious about the outlook for the economy and said customers pressured by inflation shopping for lower-priced items may negatively impact margins. consumer, which has so far remained resilient in the face of stubbornly high inflation - most recently evidenced by January's stunning retail sales data out last week. ![]() Investors evaluated quarterly financials from Walmart ( WMT) and the Home Depot ( HD) for updates on the health of the U.S. The technology-heavy Nasdaq Composite ( ^IXIC) tanked 2.5%. The S&P 500 ( ^GSPC) nosedived 2%, falling below the key 4,000 level, while the Dow Jones Industrial Average ( ^DJI) shed nearly 700 points, or 2.1%. stock and bond markets were closed on Monday for Presidents Day. stocks plunged Tuesday as the prospect of higher-for-longer interest rates and letdowns from big-box retailers dampened the mood on Wall Street to start a busy holiday-shortened week. ![]()
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