Fly Intel: Wall Street's top stories for Thursday


The major averages were weaker in morning trading after the Dow managed to close at an all-time high yesterday but was weighed down today by a post-earnings slide in Walmart. The recent pronounced rise in Treasury yields may be causing a reassessment of risk tolerance, especially given that equities are at or near historic highs. The averages clawed back from their lows in the afternoon portion of the session, but were unable to make it all the way back to the winning side of the ledger by the close.

ECONOMIC EVENTS: In the U.S., housing starts fell 6.0% to a 1.58M rate in January, breaking a string of four straight monthly gains to the highest since 2006. Building permits surged 10.4% to a 1.88M rate. The Philly Fed manufacturing index slipped 3.4 points to 23.1 in February, though this was not as weak as expected. Initial jobless claims rose 13,000 to 861,000 in the week ended February 13. Import prices climbed 1.4% in January and export prices surged 2.5%.

TOP NEWS: Shares of Walmart (WMT) fell 6.5% after the company's mixed Q4 results, as its adjusted earnings missed the consensus forecast and its sales topped expectations. Walmart, which reported Q4 U.S. comp sales grew 8.6% and that U.S. e-commerce sales were up 69% compared to the same period last year, also announced nearly $14 billion in fiscal year 2022 capital investment plans "to build supply chain capacity and automation to stay ahead of demand, improve the customer experience and increase productivity" along with plans to invest in U.S. wages. Net sales, operating income and EPS are expected to decline in FY22 primarily due to the impact of anticipated divestitures, the retail giant added.See Full Story Here

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