Weak Walmart results weigh on retailers, United States stocks

Weak Walmart results weigh on retailers, United States stocks

Stocks were mixed Tuesday as the US market took a breather after a six-day winning streak. Grocery store operators and other consumer-focused companies accounted for much of the drag on the market. Several big retailers also declined, including Target, which slid $2.07, or 2.8 percent, to $73.01.

In Asia, shares were relatively subdued early on Wednesday, with regional indexes notching slight gains despite the softer lead from Wall Street.

Qualcomm fell 1.8 percent after the chipmaker raised its offer to buy NXP Semiconductors NV to $127.50 per share from $110. Qualcomm lost $1.17, or 1.8 percent, to $63.68. The Nasdaq composite slipped 5 points, or 0.1 percent, to 7,234.

The returns on the major 10-year U.S. bonds rose to 2.886% after reaching its highest level in 2014 last week. Stocks began giving back some of those gains early Tuesday as trading reopened after a long holiday weekend and investors began sizing up company earnings while keeping an eye on the bond market.

"What is going on with Qualcomm and their bid for NXP is certainly making all the semiconductors look more attractive", said Kinahan. Shares are almost 6% below the entry and the break of the 50-day line should cause investors who bought near 100.23 to consider cutting losses short.

The market is coming off a six-day winning streak.

The Standard & Poor's 500 index rose 2 points, or 0.1 percent, to 2,734.

The Dow Jones industrial average fell sharply on Tuesday, pressured by a steep decline in Walmart shares and a rise in interest rates.

MARKETS OVERSEAS: Germany's DAX rose 0.8 percent, while France's CAC 40 gained 0.6 percent. The yield on the 10-year Treasury held at 2.88.

Walmart slumped 7 percent in early trading Tuesday after reporting a slowdown in online sales and earnings that missed analysts' forecasts.

FASHIONABLE EXIT: Gap gave up 5.3 percent after the clothing chain said the CEO of the Gap brand will leave the company.

The broad index S&P 500 declined by 0.6%, with the commodities sector shrinking by more than 2%.

The Dow Jones industrial average gave up 76 points, or 0.3 percent, to 25,140.

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