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Investing.com — The Dow closed lower Thursday, paced by a slump in Walmart and worries about the economy following a wave of mostly weaker-than-expected economic data.
At 16:00 ET (21:00 GMT), the was down 45 points or 0.1%, while the was up 0.1% and the was up 0.1%.
Walmart guidance falls shot amid worries about consumer strength
Walmart (NYSE:), the largest retailer in the U.S, lifted its annual guidance, forecasting adjusted EPS of $6.40 to $6.48, but that was short of estimates for EPS of $6.50 and offset quarterly results that beat on the top and bottom lines. Its shares fell more 8%.
Chief Financial Officer John David Rainey told CNBC that inflation-hit consumers are still continuing to put off larger purchases as they await promotional periods, echoing comments made by fellow retailer Target on Wednesday, when it pointed to lingering pressures on consumers from higher interest rates and lower savings.
Macy’s (NYSE:), meanwhile, rose 4%% after the department store chain lifted its full-year guidance following better-than-expected Q3 results.
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