Wall Street Opens Lower as Walmart Warning Rattles Retail Shares

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City on July 21, 2022. (Brendan McDermid/Reuters)

Wall Street’s main indexes opened lower on Tuesday after Walmart’s profit warning heightened fears in the retail sector that consumers were cutting back on discretionary spending in the face of decades-high inflation.

The Dow Jones Industrial Average fell 40 points, or 0.13 percent, at the open to 31,950.04. The S&P 500 opened lower by 13.62 points, or 0.34 percent, at 3,953.22, while the Nasdaq Composite dropped 81.13 points, or 0.69 percent, to 11,701.53 at the opening bell.