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US stock market report – Walmart upgrades guidance, oil price falls

US markets fell across the board on Tuesday, the Dow Jones and S&P 500 leading the market lower, both falling 0.8% as housing figures and oil prices dragged down the consumer and energy sectors.

On the one hand, it was talk of a new US-Iran nuclear deal suggesting the supply of oil would improve. On the other, a 9.5% month-on-month fall in constructions starts in April.

The economy is clearly looking more mixed than headlines results suggest.

Walmart’s upbeat forecasts

Walmart (NYSE: WMT) stock finished 2.2% higher after upgrading guidance for the remainder of the financial year, as early sales showed a continued recovery.

Comparable sales increased 6% in the quarter, excluding fuel, and up 16% when compared over the last two years rather than just the COVID-19 impacted comparables.

Online sales were 37% higher, suggesting the transition to digital is continuing to pay off.

Despite upgrading guidance, management flagged higher wage costs and inventory issues as threats to the recovery along with the need to keep winning new customers.

US stock market movers

Here’s how other popular US stocks performed on Tuesday.

Back home on the ASX, the S&P/ASX 200 (ASX: XJO) is expected to follow US markets lower this morning. For all the latest, check out Rask Media’s ASX 200 morning report.

The Golden Rules of Investing

We might be experts in retirement, but with combined financial advice experience of 35+ years, we’ve nearly seen it all. 

In mid-2023, our senior team at Wattle Partners Financial Planning put the finishing touches on a brand-new report “The Golden Rules of Investing“.

In this free report, we outline the key principles that determine all of the portfolio construction and investment decisions of Wattle Partners. Collated over decades, this paper should be seen as a work-in-progress, constantly under review in light of the ever-evolving nature of markets. 

You’ll find the free report on my Author page. Simply click the button below to view the Golden Rules.

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At the time of publishing, the author of this article does not have a financial or commercial interest in any of the companies mentioned.

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Wattle Partners is a financial advice firm, servicing clients around Australia, specialising in retirement planning (pre and post retirement). 

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