US Market falls on mixed results from Walmart, Home Depot

The US share market finished session in negative territory on Tuesday, 20 February 2024, amid mixed results from retail giants Walmart and Home Depot and fading hopes for early interest rate cut following last week's hotter-than-expectation inflation data.

Investors are awaiting the release of minutes from the Fed's latest policy meeting as well as remarks from a slew of central bank officials later this week.

At closing bell, the Dow Jones Industrial Average index declined 64.19 points, or 0.17%, to 38,563.80. The S&P500 index dropped 30.06 points, or 0.6%, to 4,975.51. The tech-heavy Nasdaq Composite index was down 144.87 points, or 0.92%, to 15,630.78.

Total 10 of 11 S&P500 sectoral indices declined, with information technology and consumer discretionary sectors being bottom performers, falling 1.27% and 1%, respectively, while consumer staples sector was top performer, rising 1.13%.

Among individual companies, Walmart shares closed 3.2% higher as better than expected fourth quarter results, upbeat sales outlook, and announcement of a deal to acquire TV maker Vizio (VZIO) for $2.3 billion boosted the mood.

Shares of Home Depot inched up 0.1%, recovering from early losses after the home retailer forecast comparable store sales would decline 1% in 2024. Home Depot reported Q4 sales of $34.8 billion, reflecting a 2.9% year-on-year decrease.

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