U.S. stock futures slip after Walmart profit warning

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US stock futures edged lower Tuesday, hurt by Walmart cutting profit guidance ahead of a wave of corporate earnings.

What’s happening
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On Monday, the Dow Jones Industrial Average DJIA,
+0.28%
rose 91 points, or 0.28%, to 31990, the S&P 500 SPX,
+0.13%
increased by 5 points, or 0.13%, to 3967, and the Nasdaq Composite comp,
-0.43%
dropped 51 points, or 0.43%, to 11783.

What’s driving markets
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Walmart WMT,
-0.14%
late Monday cut its profit outlook, saying inflation on food has caused it to conduct more markdowns in apparel. The opposite side of that coin was Unilever UL,
+0.26%,
as the maker of Hellmann’s mayonnaise and Ben & Jerry’s ice cream said price rises were able to offset reduced volume.

“It was a steady start for most markets to a big earnings week, until Walmart issued a warning after hours. The stock lost 10% and there was negative read-across for the rest of the US consumer sector,” said Ian Williams, strategist at UK broker Peel Hunt.

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A massive slate of earnings includes McDonald’s, MCD,
-1.42%
General Motors GM,
-0.43%,
Coca Cola KO,
+0.97%,
and after the close, tech titans Alphabet GOOGL,
-0.36%
and Microsoft MSFT,
-0.59%,

The Federal Reserve starts its two-day interest-rate-setting meeting, and the economic calendar also includes house prices and, shortly after the open, consumer confidence and new-home sales reports.

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Credit: www.marketwatch.com /

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