Stocks' winning streak snapped; Walmart posts worst day in 30 years

Stocks' winning streak snapped; Walmart posts worst day in 30 years

The biggest drop in Walmart's stock in 30 years and losses in other sectors pulled US indexes lower Tuesday, snapping a six-day winning streak.

Shares of the world's biggest brick-and-mortar retailer fell 7.14 percent in premarket trading after the company reported a lower-than-expected profit and posted a sharp drop in online sales growth during the holiday period.

The Dow Jones Industrial Average (.DJI) fell 254.63 points, or 1.01 percent, to 24,964.75, the S&P 500 (.SPX) lost 15.96 points, or 0.58 percent, to 2,716.26 and the Nasdaq Composite (.IXIC) dropped 5.16 points, or 0.07 percent, to 7,234.31.

US Treasuries declined amid a flood of government debt auctions this week, sending the yield on the 10-year note three basis points higher to 2.90 percent, while the 2-year yield also added three basis points to 2.22 percent, the highest since 2008, according to Bloomberg.

WALL STREET: Walmart's stock sank 10 percent on Tuesday, its biggest drop in 30 years, as a late sell-off erased early gains led by technology companies.

The S&P technology index . The stock was the biggest decliner in the Dow and S&P 500, shedding $10.27, or 9.8 percent, to $94.51.




Minutes from the Federal Reserve's January meeting on Wednesday will be at the center of this week's trade, eyed for more clues on the central bank's view on inflation and the pace of future interest rate increases. Grocery store operators, retailers, health care companies and industrial stocks accounted for much of the market's slide.

Snapchat operator Snap slid 5.4 percent after Citigroup downgraded the stock to "sell", arguing negative reviews on an app redesign might lead to a decline in users. S. home improvement chain's quarterly profit beat market estimates in an improving housing market.

"We still believe Walmart has more work to do to widen its e-commerce customer base", GlobalData Retail Managing Director Neil Saunders said in response to Tuesday's earnings report, CNBC reported. On the Nasdaq, 1,550 issues fell and 956 advanced. Kroger and Kraft Heinz, which are also in the staples sector, were among the worst-performing stocks in the index. SPLRCS index dropped 2.08 percent and is down almost 5 percent for the year.

The energy group climbed 0.4 per cent, with Crew Energy Inc and Birchcliff Energy both rising 3 per cent.

Home Depot rose 1.7 percent after the largest US home improvement chain's quarterly profit beat market estimates in an improving housing market.

METALS: Gold fell $25, or 1.8 percent, to $1,331.20 an ounce.

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