Dow Futures Dip, Walmart Tanks After Earnings

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By Oliver Gray – U.S. stock futures were trading lower during Monday’s evening deals, following a mixed session among major benchmark averages as investors focus on a slew of corporate earnings reports.

By 6:45pm ET (10:45pm GMT) and were down 0.4% apiece while fell 0.3%.

In extended deals, retail stocks were sent tumbling as Walmart Inc (NYSE:) tanked 9.6% after cutting its Q2 and full 2023-year guidance, due to pricing actions aimed to improve inventory levels.

Target Corporation (NYSE:) fell 4.9%, Macy’s Inc (NYSE:) lost 3.9%, Home Depot Inc (NYSE:) shed 2%, Dollar Tree Inc (NASDAQ:) fell 4.3%, Five Below Inc (NASDAQ:) declined 2.7% and Costco Wholesale Corp (NASDAQ:) shed 3.2%.

Aarons Inc (NYSE:) plummeted 25.8% after Q2 EPS of $0.87, beating estimates of $0.68, while revenue came in at $456.08 million versus $462.88 million expected.

F5 Networks Inc (NASDAQ:) added 5.6% after Q3 EPS of $2.57 versus $2.24 expected on revenue of $674.45 million versus $668.36 million expected.

Cadence Design Systems Inc (NASDAQ:) gained 3.9% after the company Q2 EPS of $1.08, above estimates of $0.96 while revenue was reported at $857.5 million versus $834.51 million.

Whirlpool Corporation (NYSE:) added 1.4% after Q2 EPS of $5.97, above expectations of $5.27. Revenue came in at $5.2 billion versus $5.23 billion.

Ahead in the session, the Federal Reserve is set to commence its two-day policy , with market participants widely expecting a 75 basis point hike.

Earnings results will also be closely monitored with Coca-Cola Co (NYSE:),McDonald’s Corporation (NYSE:) and General Motors Company (NYSE:) set to report on Tuesday before the bell while Alphabet Inc (NASDAQ:), Microsoft Corporation (NASDAQ:), Chipotle Mexican Grill Inc (NYSE:), United Parcel Service Inc (NYSE:) and Enphase Energy Inc (NASDAQ:) are slated to report after the bell.

On the data front, traders are looking ahead to the , and data set to be released later in the session.

During Monday’s trade, the climbed 90.75 points, or 0.3%, the added 0.1% while the lost 0.4%.

On the bond markets, rates were at 2.807%.