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Wall Street stocks extended a heady run Monday, with tech shares leading the advance as US Treasury yields retreated and artificial intelligence stayed a hot commodity.
Walmart says the U.S. consumer continued to exert caution with their spending in the face of inflation and rising rates, even as the retailer raised its forecast for sales.
Walmart's bigger focus on groceries has provided a bulwark against the broad slowdown in discretionary spending with more than half of the company's merchandise comprising of food and other daily essentials. Chief Financial Officer John David Rainey told Reuters the company saw shoppers slow purchases in the second half of October, but rebound in early November on items including apparel and home goods that have been out of favor for most of the year.
Walmart on Thursday said consumers are acting more cautious with spending as the holiday season commences, even as the retailer raised its forecast for sales and profit for the year.
MARKET WRAPS Watch For: ECOFIN Budget meeting of EU finance ministers; U.K. GDP, trade, business investment; Industrial production data for U.K. and Italy; trading updates from Allianz,... -November 10, 2023 at 12:16 am EST - MarketScreener