Stock Market Today: Dow Reclaims 34K as Walmart, Home Depot Stocks Soar
Stocks started Tuesday on shaky ground before muscling higher thanks to a pair of well-received earnings reports from retail giants. Walmart ( WMT ) stock jumped 5.1% after the mega-retailer reported higher-than-expected earnings and revenue for its second quarter. The company also reiterated its full-year guidance. This was particularly notable, given that operating income fell in Q2 amid an inventory glut and a shift by consumers toward necessities and away from higher-priced discretionary items. SEE MORE Biden''s Inflation Reduction Act: Investing Winners and Losers Home Depot ( HD , 4.1%) also beat on the top and bottom lines in its second quarter, and reaffirmed its full-year forecast. While the home improvement retailer said total customer transactions for the three-month period were down 3% year-over-year, the average receipt was up 9.1%. "Results from both Walmart and Home Depot suggest the consumer continues to be resilient," says Michael Reinking, senior market strategist at the New York Stock Exchange."Seemingly, relief at the pump has helped on this front." Reinking adds that in terms of current consumer spending, Walmart highlighted a solid start to back-to-school shopping season, while Home Depot said home improvement spending is still strong despite signs of a weakening housing market.
Stock Market Today: Dow Reclaims 34K as Walmart, Home Depot Stocks Soar
Stocks started Tuesday on shaky ground before muscling higher thanks to a pair of well-received earnings reports from retail giants. Walmart ( WMT ) stock jumped 5.1% after the mega-retailer reported higher-than-expected earnings and revenue for its second quarter. The company also reiterated its full-year guidance. This was particularly notable, given that operating income fell in Q2 amid an inventory glut and a shift by consumers toward necessities and away from higher-priced discretionary items. SEE MORE Biden''s Inflation Reduction Act: Investing Winners and Losers Home Depot ( HD , 4.1%) also beat on the top and bottom lines in its second quarter, and reaffirmed its full-year forecast. While the home improvement retailer said total customer transactions for the three-month period were down 3% year-over-year, the average receipt was up 9.1%. "Results from both Walmart and Home Depot suggest the consumer continues to be resilient," says Michael Reinking, senior market strategist at the New York Stock Exchange."Seemingly, relief at the pump has helped on this front." Reinking adds that in terms of current consumer spending, Walmart highlighted a solid start to back-to-school shopping season, while Home Depot said home improvement spending is still strong despite signs of a weakening housing market.