Walmart Inc rose 3.3% in pre-bell trading, after the world’s largest retailer forecast a smaller-than-expected fall in annual profit.
Home Depot Inc. fell 1.1%, even as the home improvement chain reported comparable quarterly sales that topped analysts’ estimates.
Despite a tough start to the year fueled by fears that inflation and rising rates could push the US economy into recession, stock market indexes have recovered some of their heavy losses in recent weeks on signs that inflation is peaking.
The tech-heavy Nasdaq index has rebounded nearly 24% from its low point in mid-June.
Better-than-expected U.S. corporate earnings have been a bright spot for U.S. equities recently, with 77.6% of S&P 500 companies reporting results beating analyst estimates on Friday, according to Refinitiv data.
This week will focus on income and retail sales data to get more clues about the impact of inflation on consumer behavior.
Investor sentiment is still bleak, but no longer in an “apocalyptic” way, according to BofA’s monthly survey of global fund managers in August, expecting inflation and interest rates to hit. Will end next quarter.
As of 7:12 a.m. ET, the Dow e-minis were down 17 points, or 0.05%, the S&P 500 e-minis were down 5.5 points, or 0.13%, and the Nasdaq 100 minis were down 18.25 points, or 0.13%.
Most technology and high-growth stocks edged lower in premarket trading on Tuesday, after leading the previous session’s rally and lifting the tech-heavy Nasdaq as U.S. Treasury yields retreated.
Oil major Exxon Mobil Corp fell slightly as crude prices fell due to weak demand from major buyer China. [O/R]
