Wall Street Opens Lower Across the Board as Walmart Tumbles 7%

Deep News08-20 22:31

US stocks kicked off the trading session with all three major indices slipping into negative territory, as investors weighed a batch of corporate earnings and cautious guidance. The Dow Jones Industrial Average fell 0.71%, the Nasdaq Composite dropped 0.45%, and the S&P 500 index declined 0.32% in early trading.

Wal-Mart (NYSE: WMT) saw its shares plummet 7% after reporting second-quarter same-store sales in the US that hit a six-year low, while also lowering its full-year profit guidance below Wall Street expectations. The retail giant's weaker-than-anticipated outlook weighed heavily on sentiment.

Meanwhile, NetEase (NASDAQ: NTES) shares slid 4% following the release of its post-earnings results, as the company's performance failed to impress market participants amid a cautious tech landscape.

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