Stock futures are tumbling on Tuesday, after Walmart (WMT) announced it's cutting its quarterly and full-year profit outlook as inflation continues to weigh on consumers. While several other blue chips posted upbeat earnings reports, Walmart's warning is sparking a selloff among retail stocks. Dow Jones Industrial Average (DJIA) futures are eyeing a 117-point drop, while futures on both the Nasdaq-100 Index (NDX) and the S&P 500 Index (SPX) are also swimming in red ink. Investors are looking ahead to a week packed with Big Tech earnings and the Federal Reserve's two-day policy meeting, which begins today.
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Asian markets were mostly higher today. Japan’s Nikkei was the only loser, falling 0.2% after the release of the The Bank of Japan’s (BOJ) meeting minutes for June. South Korea’s gross domestic product (GDP) rose a higher-than-expected 0.7% in the second quarter, helping the Kospi add 0.4%. Elsewhere, Hong Kong’s Hang Seng jumped 1.7%, thanks to outsized gains from Alibaba (BABA), while China’s Shanghai Composite tacked on 0.8%.
Meanwhile, markets in Europe are mixed midday, as investors unpacked a slew of corporate earnings. London’s FTSE 100 is up 0.6% at last check, while the French CAC 40 slips 0.2%, and the German DAX moves 0.7% lower.
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