(Photo by Intricate Explorer on Unsplash)
(CNBC) -- U.S. stocks fell Tuesday after Walmart cut its earnings forecast, sending other retail shares lower and adding to concern that consumer spending might not be strong enough to keep the U.S. out of a recession.
The Dow Jones Industrial Average fell by 247 points, or 0.7%, while the S&P 500 lost 1.3%. The Nasdaq Composite declined 2%.
Walmart cut its quarterly and full-year profit estimates because of rising food inflation. This alarmed investors who deliberated the implications for other retail stocks. The big-box retailer said higher prices are spurring consumers to pull back on general merchandise spending, particularly in apparel.
The post Dow sheds more than 200 points after Walmart profit warning, S&P 500 falls 1% appeared first on WND.
