Walmart Inc. engages in the operation of retail, wholesale, other units, and eCommerce worldwide. The company operates through three segments: Walmart U.S., Walmart International, and Sam's Club. It operates supercenters, supermarkets, hypermarkets, warehouse clubs, cash and carry stores, and discount stores under Walmart and Walmart Neighborhood Market brands; membership-only warehouse clubs; ecommerce websites, such as walmart.com.mx, walmart.ca, flipkart.com, PhonePe and other sites; and mobile commerce applications. The company offers grocery and consumables, including dairy, meat, bakery, deli, produce, dry, chilled or frozen packaged foods, alcoholic and nonalcoholic beverages, floral, snack foods, candy, other grocery items, health and beauty aids, paper goods, laundry and home care, baby care, pet supplies, and other consumable items; fuel, tobacco and other categories. It is also involved in the provision of health and wellness products covering pharmacy, optical and hearing services, and over-the-counter drugs and other medical products; and home and apparel including home improvement, outdoor living, gardening, furniture, apparel, jewelry, tools and power equipment, housewares, toys, seasonal items, mattresses and tire and battery centers. In addition, the company offers consumer electronics and accessories, software, video games, office supplies, appliances, and third-party gift cards. Further, it operates digital payment platforms; and offers financial services and related products, including money transfers, bill payments, money orders, check cashing, prepaid access, co-branded credit cards, installment lending, and earned wage access. Additionally, the company markets lines of merchandise under private brands, including Allswell, Athletic Works, Equate, and Free Assembly. The company was formerly known as Wal-Mart Stores, Inc. and changed its name to Walmart Inc. in February 2018. Walmart Inc. was founded in 1945 and is based in Bentonville, Arkansas.

Walmart Inc.

The SMI 3Fourteen Full-Cycle Trend ETF is seeing unusually high volume in afternoon trading Friday, with over 600,000 shares traded versus three month average volume of about 65,000. Shares of FCTE were up about 0.8% on the day.
Components of that ETF with the highest volume on Friday were Walmart, trading off about 0.6% with over 15.0 million shares changing hands so far this session, and Meta Platforms, up about 1.7% on volume of over 6.5 million shares. Waters is the component faring the best Friday, higher by about 4.5% on the day, while Mckesson is lagging other components of the SMI 3Fourteen Full-Cycle Trend ETF, trading lower by about 1.8%.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Friday's ETF with Unusual Volume: FCTE

The S&P 500 experienced its longest losing streak of 2025, dropping for five consecutive trading days as of Thursday. It is also the first time this year that the index has endured such a drop, according to Dow Jones Market Data.
The S&P 500 declined 1.5% over the past five sessions, pressured by selling in big tech names as investors rotated away from the tech sector on AI bubble fears and overvaluation concerns. This downturn was exacerbated by disappointing Target TGT and Walmart WMT earnings, renewed tariff impacts and fading hopes of a Fed rate cut in September (read: Value Outshines Growth: 5 ETF Winners Over the Past Week).
Ahead of Powell's speech, CME Group's FedWatch Tool is currently indicating a 73.6% chance that the Fed will lower rates by a quarter point next month, down from 92.1% a week ago.
The market sell-off has fueled a rally in inverse single-stock ETFs. Inverse single-stock ETFs are designed to deliver the opposite daily return of a specific company’s stock by using derivatives. For example, if the underlying stock drops 1% in a day, the inverse ETF targeting that stock would ideally increase about 1%.
Some ETFs offer leveraged exposure, such as -2x or -3x, which attempt to deliver two or three times the inverse of the stock’s daily move. This allows investors to gain inverse exposure to a particular stock without having to sell the stock directly.
We have highlighted five inverse single-stock ETFs that have gained in double digits over the past week (see: all the Single Stock ETFs here).
Defiance Daily Target 2X Short PLTR ETF (PLTZ) – Up 30.6%
Defiance Daily Target 2X Short PLTR ETF offers two times the opposite of the daily percentage change in the share price of Palantir Technologies PLTR. The stock has fallen 17% since its peak on Aug. 12 and shed about $73 billion in market cap over just six sessions, marking its worst streak this year.
Defiance Daily Target 2X Short MSTR ETF (SMST) – Up 25.1%
Defiance Daily Target 2X Short MSTR ETF seeks daily inverse leveraged investment results of 200% the daily percentage change in the share price of Strategy MSTR. MSTR shares slumped 10.5% over the past week to the lowest level since April 21.
Defiance Daily Target 2X Short IONQ ETF (IONZ) – Up 19.4%
Defiance Daily Target 2X Short IONQ ETF seeks inverse daily investment results of two times the daily percentage change in the share price of IonQ Inc. IONQ. The stock is down 10.4% over the past week.
GraniteShares 2x Short COIN Daily ETF (CONI) – Up 16%
GraniteShares 2x Short COIN Daily ETF offers two times the inverse daily performance of the Coinbase Global COIN. Coinbase is down 7.6% over the last five trading days.
Defiance Daily Target 2X Short SMCI ETF (SMCZ) – Up 15.7%
Defiance Daily Target 2X Short SMCI ETF seeks daily inverse investment results of two times the performance of Super Micro Computer SMCI. Shares of SMCI slumped 7% in the same time frame.
Risks of Investing in Inverse Single-Stock ETFs
While inverse single-stock ETFs surge amid the sell-off, they come with significant risks due to their lack of diversification and exposure to the volatility of a single stock. They are typically more suited for experienced investors who understand and are willing to accept these risks. Here are some of the downsides of these ETFs:
Daily Reset and Compounding Risks: The performance of inverse ETFs could vary significantly from the actual performance of their underlying stock over a longer period when compared to a shorter period (such as weeks or months). These funds run the risk of huge losses in fluctuating or seesawing markets.
Risk of Significant Losses: As the ETF is tied to a single stock, a surprise rally in the company’s shares can quickly erode gains and generate steep losses for inverse ETF holders.
High Costs: Liquidity can be a big problem, as it can make the products more expensive than they appear. Expense ratios for inverse single-stock ETFs are often significantly higher than those of traditional ETFs. Over time, these fees can eat into returns, particularly if the ETF is held longer than intended (read: AI Fatigue Hits Tech Biggies: Inverse ETFs in Focus).
Not Suitable for All Investors: These ETFs work best for short-term hedging or speculation and are suitable only for short-term traders, as these are rebalanced on a daily basis.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Big Tech Woes Power Surge in Inverse Single-Stock ETFs

Wall Street closed lower on Thursday, pulled down by utilities and consumer stocks. Investors continued to grow further cautious, worried that Fed chair Jerome Powell might deliver hawkish comments on Friday that could fuel market volatility. Unexpectedly high initial jobless claims reported for the week also weighed on the markets. All three benchmark indexes closed in the red.
How Did the Benchmarks Perform?
The Dow Jones Industrial Average (DJI) fell 0.3%, or 152.81 points, to close at 44,785.50. Twenty-three components of the 30-stock index ended in negative territory, while seven ended in positive.
The tech-heavy Nasdaq Composite slid 72.54 points, or 0.3%, to close at 21,100.31.
The S&P 500 lost 25.61 points, or 0.4%, to close at 6,370.17. Nine of the 11 broad sectors of the benchmark index closed in the red. The Consumer Staples Select Sector SPDR (XLP), the Utilities Select Sector SPDR (XLU) and the Consumer Discretionary Select Sector SPDR (XLY) declined 0.9%, 0.7% and 0.6%, respectively, while the Energy Select Sector SPDR (XLE) advanced 0.7%.
The fear gauge CBOE Volatility Index (VIX) increased 5.8% to 16.60. A total of 12.28 billion shares were traded on Thursday, lower than the last 20-session average of 17.08 billion. Decliners outnumbered advancers by a 1.6-to-1 ratio on the NYSE.
Jackson Hole Worries Cast a Pall Over Investor Mood
Investor sentiment continued to be cautious on Thursday as Wall Street braced for Fed Chair Jerome Powell’s closely awaited remarks at the Jackson Hole symposium. With the S&P 500 marking its fifth consecutive decline and both the Dow and Nasdaq retreating in the session, markets reflected growing uncertainty about the Fed’s next move.
At the core of the trepidation lies Powell’s much-awaited keynote speech at Jackson Hole, slated for Friday, which carries the potential to reshape expectations for the Fed’s policy path. The anticipation surrounding Powell’s remarks created a tense atmosphere, as traders tried to gauge whether the central bank would signal a firmer commitment to keeping rates higher for longer. Expectations for a September rate cut, once considered almost certain, had eased in recent days as economic data painted a mixed picture. Rising bond yields underscored the shifting mood, pressuring equity markets that had grown reliant on the prospect of monetary easing.
The focus now turns squarely to Powell’s speech, widely seen as the most significant event of the week. Any hint of hawkishness could unsettle equities further, while even neutral commentary might still be interpreted as limiting the scope for aggressive rate cuts this year. With volatility risks elevated, many investors opted to stay on the sidelines, awaiting clarity on whether the Fed will prioritize inflation control or lean toward supporting growth. Utilities and consumer stocks suffered the most in the session.
Walmart Earnings Miss Weighs on the Retail Sector
Retail giant Walmart Inc.’s WMT second-quarter fiscal 2026 earnings of 68 cents per share jumped 1.5% from the year-ago period’s 67 cents, but missed the Zacks Consensus Estimate of 73 cents. The company’s earnings performance dragged the retail sector lower with it and flagged rising tariff-related costs. Its stocks fell 4.5% in the session.
Consequently, shares of Target Corporation TGT and Dollar General Corporation DG fell 1.7% and 2.1%, respectively. Both currently carry a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Economic Data
For the week ended Aug. 16, initial jobless claims came in at 235,000, an increase of 11,000 from the previous week's unrevised level of 224,000. The 4-week moving average was 226,250, an increase of 4,500 from the previous week's unrevised average of 221,750.
Continuing claims for the week ending Aug. 9 were 1,972,000, an increase of 30,000 from the previous week's revised level. This is its highest level since Nov. 6, 2021 when it was 2,041,000. The previous week's level was revised down by 11,000 from 1,953,000 to 1,942,000. The 4-week moving average was 1,954,500, an increase of 6,500 from the previous week's revised average. The previous week's average was revised down by 2,750 from 1,950,750 to 1,948,000.
Per the National Association of Realtors, existing home sales for July increased to 4.01 million units. The number for June remained unrevised at 3.93 million units.
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This article originally published on Zacks Investment Research (zacks.com).
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Stock Market News for Aug 22, 2025

The S&P 500 Index ($SPX) (SPY) on Thursday closed down by -0.40%, the Dow Jones Industrials Index ($DOWI) (DIA) closed down by -0.34%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed down by -0.46%. September E-mini S&P futures (ESU25) fell -0.40%, and September E-mini Nasdaq futures (NQU25) fell -0.45%.
Stock indexes settled lower on Thursday, with the Dow Jones Industrials falling to a 1-week low. Concerns about consumer spending weighed on stocks after Walmart reported weaker-than-expected Q2 EPS. Also, higher bond yields undercut stocks, with the 10-year T-note yield climbing +4 bp to 4.33% on hawkish Fed comments and stronger-than-expected manufacturing and existing home sales reports.
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Thursday’s weekly US jobless claims report showed a weaker labor market. US weekly initial unemployment claims rose by +11,000 to a 2-month high of 235,000, showing a weaker labor market than expectations of an increase to 225,000. Weekly continuing claims rose +30,000 to a 3.75-year high of 1.972 million, higher than expectations of 1.960 million, showing people out of work are finding it harder to land a new job.
The US Aug Philadelphia Fed business outlook survey fell -16.2 to -0.3, weaker than expectations of 6.5.
The US Aug S&P manufacturing PMI unexpectedly rose +4.5 to a 3-year high of 53.3, better than expectations of a decline to 49.7.
US July existing home sales unexpectedly rose +2.0% m/m to 4.01 million, stronger than expectations of -0.3% m/m to 3.92 million.
Kansas City Fed President Jeffrey Schmid said inflation risks are marginally higher than risks to the labor market, and “modestly restrictive” monetary policy is still appropriate.
Cleveland Fed President Beth Hammack said, “We have inflation that’s too high and has been trending upwards over the past year. With the information I have, if the FOMC meeting were tomorrow, I would not see a case for reducing interest rates.”
On the geopolitical front, US Vice President Vance said negotiations over ending Russia’s war in Ukraine are focused on security guarantees for Ukraine and territory Russia wants to control, including Ukrainian territory that it currently isn’t occupying, as the US tries to broker a peace deal between the two countries. The US is working to set up a meeting between President Putin and Zelensky, and if that meeting goes well, President Trump said he’ll look to follow up with a trilateral summit with the leaders. The outcome of the negotiations could have macroeconomic implications regarding tariffs and oil prices, and could, of course, have significant consequences for European security.
The focus of the markets this week will be on any new tariff news and signs of progress toward a Ukraine peace deal. On Friday, Fed Chair Powell speaks on the economic outlook at the Federal Reserve’s annual symposium at Jackson Hole, Wyoming.
Regarding tariffs, President Trump widened steel and aluminum tariffs to include more than 400 consumer items that contain the metals, such as motorcycles, auto parts, furniture components, and tableware. The change went into effect on Monday and did not exclude goods already in transit. Last Friday, Mr. Trump said, “I’ll be setting tariffs next week and the week after on steel and on, I would say chips – chips and semiconductors, we’ll be setting sometime next week, week after.” Mr. Trump last week said he planned a 100% tariff on semiconductors but would exempt companies that move chip manufacturing to the US. Mr. Trump also mentioned 200% or 300% tariffs on chips.
In other recent tariff news, Mr. Trump last Tuesday extended the tariff truce with China for another 90 days until November. On August 6, Mr. Trump announced that he will double tariffs on US imports from India to 50% from the current 25% tariff, due to India’s purchases of Russian oil. On August 5, Mr. Trump said that US tariffs on pharmaceutical imports would be announced “within the next week or so.” According to Bloomberg Economics, the average US tariff will rise to 15.2% if rates are implemented as announced, up from 13.3% earlier, and significantly higher than the 2.3% in 2024 before the tariffs were announced.
Federal funds futures prices are discounting the chances for a -25 bp rate cut at 72% at the September 16-17 FOMC meeting, down from 93% last Thursday. The markets are discounting the chances at 49% for a second -25 bp rate cut at the following meeting on October 28-29.
Earnings reports indicate that S&P 500 earnings for Q2 are on track to rise +9.1% y/y, much better than the pre-season expectations of +2.8% y/y and the most in four years, according to Bloomberg Intelligence. With over 93% of S&P 500 firms having reported Q2 earnings, about 83% of companies exceeded profit estimates.
Overseas stock markets on Thursday settled mixed. The Euro Stoxx 50 closed down -0.19%. China’s Shanghai Composite rallied to a new 10-year high and closed up +0.13%. Japan’s Nikkei Stock 225 fell to a 1-week low and closed down -0.65%.
Interest Rates
September 10-year T-notes (ZNU5) on Thursday closed down -10 ticks, and the 10-year T-note yield rose +3.7 bp to 4.328%. Sep T-notes were under pressure Thursday on hawkish Fed comments. Kansas City Fed President Jeffrey Schmid said “modestly restrictive” monetary policy is still appropriate due to inflation risks, and Cleveland Fed President Beth Hammack said she does not favor cutting interest rates. T-notes added to their losses today after the Aug S&P manufacturing PMI expanded by the most in three years and after July existing home sales unexpectedly increased.
T-notes saw support from Fed-friendly US economic news that showed weekly jobless claims rose more than expected to a 2-month high, and the Aug Philadelphia Fed business outlook survey fell more than expected.
Fed Governor Lisa Cook said she intends to remain at the Fed despite calls from President Trump for her to resign over allegations that she committed mortgage fraud. If Cook is fired or resigns, Mr. Trump could appoint another Fed Governor who favors his lower interest rate policies.
European government bond yields on Thursday moved higher. The 10-year German bund yield rose +4.0 bp to 2.757%. The 10-year UK gilt yield rose +5.7 bp to 4.729%.
The Eurozone Aug S&P manufacturing PMI unexpectedly rose +0.7 to 50.5, stronger than expectations of a decline to 49.5 and the fastest pace of expansion in 3 years. The Aug composite PMI unexpectedly rose +0.2 to a 15-month high of 51.1, stronger than expectations of a decline to 50.6.
The Eurozone Aug consumer confidence index fell -0.8 to a 4-month low of -15.5, weaker than expectations of no change at -14.7.
Swaps are discounting the chances at 3% for a -25 bp rate cut by the ECB at the September 11 policy meeting.
US Stock Movers
Walmart (WMT) closed down more than -4% to lead losers in the Dow Jones Industrials after reporting Q2 adjusted ESP of 68 cents, weaker than the consensus of 74 cents. Costco Wholesale (COST) also closed down more than -2% on the news to lead losers in the Nasdaq 100.
SharkNinja Inc. (SN) closed down -3% after Chairman Wang sold 5 million shares in an overnight registered block trade between $116 and $118 per share.
Gilead Sciences (GILD) closed down more than -2% after Reuters reported that CVS Health declined to add the company’s HIV prevention shot to its drug coverage lists.
Airline stocks were under pressure Thursday after crude oil prices rallied to a 2-week high, which boosts jet fuel costs and lowers airlines’ profits. As a result, United Airlines Holdings (UAL) and Delta Air Lines (DAL) closed down more than -2%, and American Airlines Group (AAL) and Alaska Air Group (ALK) closed down more than -1%.
Maplebear Inc (CART) closed down more than -2% after Wedbush downgraded the stock to underperform from neutral with a price target of $42.
Monday.com Ltd (MNDY) closed down more than -1% after Bank of America Global Research downgraded the stock to neutral from buy.
Packaging stocks rose Thursday after Barclays said the announced closures of International Paper plants will reduce US containerboard capacity by about 2.5%. As a result, Packaging Corporation of America (PKG) closed up more than +6%, Smurfit WestRock (SW) closed up more than +4%, and International Paper (IP) closed up more than +2%.
PDD Holdings (PDD) closed up more than +4% to lead gainers in the Nasdaq 100 on bullish optimism for Chinese stocks after the Shanghai Composite rallied to a 10-year high today.
Nordson (NDSN) closed up +3% after reporting Q3 sales of $741.5 million, stronger than the consensus of $722.3 million.
Hewlett-Packard Enterprise (HPE) closed up more than +3% after Morgan Stanley upgraded the stock to overweight from equal weight with a price target of $28.
Dayforce (DAY) closed up more than +2% after Thoma Bravo agreed to buy the company for $12.3 billion, or about $70 a share.
Humana (HUM) closed up more than +1% after RBC Capital Markets raised its price target on the stock to $322 from $283.
Earnings Reports(8/22/2025)
BJ’s Wholesale Club Holdings Inc (BJ), Buckle Inc/The (BKE), New Fortress Energy Inc (NFE), Ubiquiti Inc (UI).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Stocks Settle Lower as Bond Yields Rise on Hawkish Fed Comments

Key Points
Walmart reported its Q2 earnings, showing tariffs are impacting its bottom line.
Sales were up, however, including same-store sales, a critical measure.
Shares of Walmart (NYSE: WMT) fell 4.9% Thursday. The drop came as the S&P 500 lost 0.5% and the Nasdaq Composite lost 0.4% as investors await Federal Reserve Chair Jerome Powell's speech tomorrow.
The retail giant reported its second-quarter earnings, which were somewhat mixed. The company delivered solid sales growth but missed on earnings.
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Walmart expects tariffs to continue to impact earnings
Walmart's revenue exceeded expectations at $177.4 billion, but earnings per share (EPS) were $0.68, well below the $0.74 per share consensus. The company cited tariffs as the primary challenge, as well as some legal charges and restructuring costs.
Still, tariffs and discounts are cutting into its margins from either end. It expects this to continue. CFO John David Rainey said the company was doing its best to take on the rising prices rather than passing them to the consumer, saying, "There are certainly areas where we have fully absorbed the impact of higher tariff costs. There are other areas where we've had to pass some of those costs along."
Same-store sales were up
The top-line growth was a welcome sight for investors despite the margin and earnings impact. The key metric of comparable sales for Walmart in the U.S. ticked up 4.6% year over year, meaning overall sales growth is largely organic and not just driven by opening new stores.
While some investors were spooked, I think Walmart remains a cash-flow powerhouse and consumer staple. This is a solid addition to any portfolio.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Why Walmart Stock Sank Today

Looking at options trading activity among components of the S&P 500 index, there is noteworthy activity today in Walmart Inc (Symbol: WMT), where a total volume of 335,970 contracts has been traded thus far today, a contract volume which is representative of approximately 33.6 million underlying shares (given that every 1 contract represents 100 underlying shares). That number works out to 218.2% of WMT's average daily trading volume over the past month, of 15.4 million shares. Especially high volume was seen for the $97 strike put option expiring August 22, 2025, with 15,782 contracts trading so far today, representing approximately 1.6 million underlying shares of WMT. Below is a chart showing WMT's trailing twelve month trading history, with the $97 strike highlighted in orange:
Intuit Inc (Symbol: INTU) saw options trading volume of 14,830 contracts, representing approximately 1.5 million underlying shares or approximately 85.9% of INTU's average daily trading volume over the past month, of 1.7 million shares. Especially high volume was seen for the $700 strike put option expiring September 19, 2025, with 1,128 contracts trading so far today, representing approximately 112,800 underlying shares of INTU. Below is a chart showing INTU's trailing twelve month trading history, with the $700 strike highlighted in orange:
And Caesars Entertainment Inc (Symbol: CZR) options are showing a volume of 57,061 contracts thus far today. That number of contracts represents approximately 5.7 million underlying shares, working out to a sizeable 83.8% of CZR's average daily trading volume over the past month, of 6.8 million shares. Especially high volume was seen for the $23 strike put option expiring September 19, 2025, with 25,229 contracts trading so far today, representing approximately 2.5 million underlying shares of CZR. Below is a chart showing CZR's trailing twelve month trading history, with the $23 strike highlighted in orange:
For the various different available expirations for WMT options, INTU options, or CZR options, visit StockOptionsChannel.com.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Noteworthy Thursday Option Activity: WMT, INTU, CZR

The S&P 500 Index ($SPX) (SPY) today is down by -0.18%, the Dow Jones Industrials Index ($DOWI) (DIA) is down by -0.25%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down by -0.16%. September E-mini S&P futures (ESU25) are down -0.18%, and September E-mini Nasdaq futures (NQU25) are down -0.16%.
Stock indexes are under pressure today, with the Dow Jones Industrials falling to a 1-week low. Concerns about consumer spending are weighing on stocks after Walmart reported weaker-than-expected Q2 EPS. Also, higher bond yields are undercutting stocks, with the 10-year T-note yield up +3 bp to 4.32% after Kansas City Fed President Jeffrey Schmid said inflation risks are marginally higher than risks to the labor market and "modestly restrictive" monetary policy is still appropriate. Signs of strength in US manufacturing activity may also keep the Fed from cutting interest rates after the Aug S&P manufacturing PMI unexpectedly expanded at the fastest pace in three years.
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Today's weekly US jobless claims report showed a weaker labor market. US weekly initial unemployment claims rose by +11,000 to a 2-month high of 235,000, showing a weaker labor market than expectations of an increase to 225,000. Weekly continuing claims rose +30,000 to a 3.75-year high of 1.972 million, higher than expectations of 1.960 million, showing people out of work are finding it harder to land a new job.
The US Aug Philadelphia Fed business outlook survey fell -16.2 to -0.3, weaker than expectations of 6.5.
The US Aug S&P manufacturing PMI unexpectedly rose +4.5 to a 3-year high of 53.3, better than expectations of a decline to 49.7.
US Jul existing home sales unexpectedly rose +2.0% m/m to 4.01 million, stronger than expectations of -0.3% m/m to 3.92 million.
On the geopolitical front, US Vice President Vance said negotiations over ending Russia's war in Ukraine are focused on security guarantees for Ukraine and territory Russia wants to control, including Ukrainian territory that it currently isn't occupying, as the US tries to broker a peace deal between the two countries. The US is working to set up a meeting between President Putin and Zelensky, and if that meeting goes well, President Trump said he'll look to follow up with a trilateral summit with the leaders. The outcome of the negotiations could have macroeconomic implications regarding tariffs and oil prices, and could, of course, have significant consequences for European security.
The focus of the markets this week will be on any new tariff news and signs of progress toward a Ukraine peace deal. On Friday, Fed Chair Powell speaks on the economic outlook at the Federal Reserve's annual symposium at Jackson Hole, Wyoming.
Regarding tariffs, President Trump widened steel and aluminum tariffs to include more than 400 consumer items that contain the metals, such as motorcycles, auto parts, furniture components, and tableware. The change went into effect on Monday and did not exclude goods already in transit. Last Friday, Mr. Trump said, "I'll be setting tariffs next week and the week after on steel and on, I would say chips – chips and semiconductors, we'll be setting sometime next week, week after." Mr. Trump last week said he planned a 100% tariff on semiconductors but would exempt companies that move chip manufacturing to the US. Mr. Trump also mentioned 200% or 300% tariffs on chips.
In other recent tariff news, Mr. Trump last Tuesday extended the tariff truce with China for another 90 days until November. On August 6, Mr. Trump announced that he will double tariffs on US imports from India to 50% from the current 25% tariff, due to India's purchases of Russian oil. On August 5, Mr. Trump said that US tariffs on pharmaceutical imports would be announced "within the next week or so." According to Bloomberg Economics, the average US tariff will rise to 15.2% if rates are implemented as announced, up from 13.3% earlier, and significantly higher than the 2.3% in 2024 before the tariffs were announced.
Federal funds futures prices are discounting the chances for a -25 bp rate cut at 75% at the September 16-17 FOMC meeting, down from 93% last Thursday. The markets are discounting the chances at 49% for a second -25 bp rate cut at the following meeting on October 28-29.
Earnings reports indicate that S&P 500 earnings for Q2 are on track to rise +9.1% y/y, much better than the pre-season expectations of +2.8% y/y and the most in four years, according to Bloomberg Intelligence. With over 93% of S&P 500 firms having reported Q2 earnings, about 83% of companies exceeded profit estimates.
Overseas stock markets today are mixed. The Euro Stoxx 50 is down -0.20%. China's Shanghai Composite rallied to a new 10-year high and closed up +0.13%. Japan's Nikkei Stock 225 fell to a 1-week low and closed down -0.65%.
Interest Rates
September 10-year T-notes (ZNU5) today are down -8 ticks, and the 10-year T-note yield is up +3.5 bp to 4.326%. Sep T-notes are under pressure today on hawkish comments from Kansas City Fed President Jeffrey Schmid, who said "modestly restrictive" monetary policy is still appropriate due to inflation risks. T-notes added to their losses today after the Aug S&P manufacturing PMI expanded by the most in three years and after Jul existing home sales unexpectedly increased.
Losses in T-notes are limited due to Fed-friendly US economic news that showed weekly jobless claims rose more than expected to a 2-month high, and the Aug Philadelphia Fed business outlook survey fell more than expected.
Fed Governor Lisa Cook said she intends to remain at the Fed despite calls from President Trump for her to resign over allegations that she committed mortgage fraud. If Cook is fired or resigns, Mr. Trump could appoint another Fed Governor who favors his lower interest rate policies.
European government bond yields today are moving higher. The 10-year German bund yield is up +2.5 bp to 2.742%. The 10-year UK gilt yield is up +3.0 bp to 4.702%.
The Eurozone Aug S&P manufacturing PMI unexpectedly rose +0.7 to 50.5, stronger than expectations of a decline to 49.5 and the fastest pace of expansion in 3 years. The Aug composite PMI unexpectedly rose +0.2 to a 15-month high of 51.1, stronger than expectations of a decline to 50.6.
Swaps are discounting the chances at 2% for a -25 bp rate cut by the ECB at the September 11 policy meeting.
US Stock Movers
Walmart (WMT) is down more than -4% to lead losers in the Dow Jones Industrials after reporting Q2 adjusted ESP of 68 cents, weaker than the consensus of 74 cents.
Maplebear Inc (CART) is down more than -2% after Wedbush downgraded the stock to underperform from neutral with a price target of $42.
SharkNinja Inc. (SN) is down more than -2% after Chairman Wang sold 5 million shares in an overnight registered block trade between $116 and $118 per share.
Gilead Sciences (GILD) is down more than -1% after Reuters reported that CVS Health declined to add the company's HIV prevention shot to its drug coverage lists.
Monday.com Ltd (MNDY) is down more than -1% after Bank of America Global Research downgraded the stock to neutral from buy.
Kilroy Realty (KRC) is down more than -1% after Goldman Sachs downgraded the stock to sell from neutral with a price target of $33.
Nordson (NDSN) is up more than +6% after reporting Q3 sales of $741.5 million, stronger than the consensus of $722.3 million.
PDD Holdings (PDD) is up more than +3% on bullish optimism for Chinese stocks after the Shanghai Composite rallied to a 10-year high today.
Hewlett-Packard Enterprise (HPE) is up more than +3% after Morgan Stanley upgraded the stock to overweight from equal weight with a price target of $28.
Humana (HUM) is up more than +2% after RBC Capital Markets raised its price target on the stock to $322 from $283.
Dayforce (DAY) is up more than +2% after Thoma Bravo agreed to buy the company for $12.3 billion, or about $70 a share.
DaVita (DVA) is up more than +1% after its board boosted the existing stock buyback authorization by $2 billion.
Earnings Reports(8/21/2025)
Intuit Inc (INTU), Louisiana-Pacific Corp (LPX), Ross Stores Inc (ROST), Walmart Inc (WMT), Workday Inc (WDAY), Zoom Communications Inc (ZM).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Stocks Fall as Bond Yields Climb

The T Rowe Price Capital Appreciation Premium Income ETF is seeing unusually high volume in afternoon trading Thursday, with over 157,000 shares traded versus three month average volume of about 54,000. Shares of TCAL were down about 0.3% on the day.
Components of that ETF with the highest volume on Thursday were Walmart, trading down about 4.3% with over 29.9 million shares changing hands so far this session, and Microsoft, up about 0.3% on volume of over 4.5 million shares. Cytokinetics is the component faring the best Thursday, up by about 2.4% on the day.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Thursday's ETF with Unusual Volume: TCAL

Walmart Inc. (WMT) reported second-quarter fiscal 2026 results, with the top line beating the Zacks Consensus Estimate while the bottom line missing the same. Both metrics showed year-over-year growth. Management raised its fiscal 2026 net sales and adjusted earnings per share (EPS) guidance.
The company continues to balance innovation with disciplined execution, showcasing resilience in an uncertain consumer environment. Notably, digital channels, advertising and membership income played pivotal roles in driving momentum, while strategic investments and one-time expenses weighed on operating profit.
Walmart’s Quarterly Metrics: Key Insights
WMT’s adjusted earnings of 68 cents per share inched up 1.5% from the year-ago period’s 67 cents. The metric missed the Zacks Consensus Estimate of 73 cents.
Walmart Inc. Price, Consensus and EPS Surprise
Walmart’s total revenues rose 4.8% year over year to $177.4 billion, which beat the consensus mark of $175.5 billion. On a constant-currency basis, revenues grew 5.6%, reflecting strong performance across all business segments.
Walmart’s Global e-commerce sales surged 25% as the digital mix increased across all segments. This upside can be attributed to store-fulfilled pickup and delivery services. The company witnessed a 15.3% increase in membership income globally. WMT’s global advertising business advanced 46%.
The consolidated gross profit margin expanded 4 bps to 24.5%, driven by Walmart U.S. Margin growth. The upside was backed by strong inventory management in the United States and improved business mix, though partially impacted by unfavorable merchandise category mix.
Operating expenses deleveraged 64 bps, caused by higher self-insured liability claims in the United States, along with technology investments and wage increases at Sam’s Club across the United States, Canada and Mexico. This was partially offset by improved international leverage. On an adjusted basis, operating expenses deleveraged 35 bps, excluding discrete legal and reorganization charges.
The company’s operating income decreased 8.2% year over year to $7.3 billion, affected by discrete legal & restructuring costs. Adjusted operating income (cc) is up 0.4%.
Decoding Walmart’s Segmental Show
Walmart U.S.: The segment’s net sales grew 4.8% year over year to $120.9 billion. Strong sales performance was driven by growth in grocery and health & wellness, along with low single-digit gains in general merchandise. U.S. comp sales, excluding fuel, were up 4.6%, fueled by transaction growth of 1.5%, an average ticket increase of 3.1%, as well as strong e-commerce growth. E-commerce sales rose 26%, driven by strong performance in store-fulfilled delivery, marketplace growth and advertising.
The operating income of the Walmart U.S. segment jumped 2% to $6.7 billion, reflecting solid inventory management and improved e-commerce economics, partly offset by elevated claims expenses.
Walmart International: The segment’s net sales inched up 5.5% to $31.2 billion. Foreign currency fluctuations negatively impacted sales by $1.5 billion. On a cc basis, net sales jumped 10.5%, driven by strong performance in China, Flipkart and Walmex, supported by higher transaction counts and increased unit volumes. Sales strength continued across food and consumables, alongside growth in general merchandise.
E-commerce sales increased 22%, driven by strong growth in store-fulfilled pickup and delivery services and marketplace performance, with a higher digital sales mix across markets. The operating income, on a cc basis, fell 2.8% to $1.3 billion, impacted by strategic investments in India, Canada and Mexico, along with unfavorable currency translation.
Sam’s Club U.S.: The segment, which comprises membership warehouse clubs, witnessed a net sales increase of 6% to $21.2 billion (excluding fuel). Sam’s Club’s comp sales, excluding fuel, grew 5.9%. While transactions grew 3.9%, the average ticket climbed 2%. Sales growth was driven by strong performance in grocery and health & wellness.
E-commerce net sales jumped 26% at Sam’s Club U.S. Membership income increased 7.6%, supported by consistent growth in member count, strong renewal rates and higher penetration of Plus members. The segment’s operating income totaled $0.5 billion, down 15.8% year over year.
WMT Stock: Other Updates & Developments
The Zacks Rank #2 (Buy) company ended the quarter with cash and cash equivalents of $9.4 billion and total debt of $50.3 billion.
For the six months ended July 31, 2025, WMT generated an operating cash flow of $18.4 billion and a free cash flow of $6.9 billion. In fiscal 2026, capital expenditure is likely to account for 3-3.5% of net sales.
Year to date, Walmart repurchased 67.4 million shares for $6.2 billion, with $5.9 billion remaining under its $20 billion authorization.
What to Expect From WMT in Fiscal 2026?
For the third quarter of fiscal 2026, WMT expects consolidated net sales growth of 3.75-4.75% (at cc). The guidance includes almost 20 bps benefit from the VIZIO acquisition. The operating income is expected to grow 3-6% (cc), with adjusted EPS in the range of 58-60 cents.
For fiscal 2026, WMT now expects consolidated net sales growth of 3.75-4.75% (at cc) compared with prior guidance of 3-4%. The adjusted operating income is expected to increase 3.5-5.5% at cc for the year. Net interest expenses are likely to escalate $100-$200 million.
Walmart now expects adjusted EPS for fiscal 2026 to be in the $2.52-$2.62 range compared with prior guidance of $2.50-$2.60. The company recorded an adjusted EPS of $2.51 in fiscal 2025.
WMT’s shares have gained 6.9% in the past three months compared with the industry’s growth of 6.8%.
Image Source: Zacks Investment Research
Other Key Picks
The Kroger Co. (KR) operates as a food and drug retailer in the United States, and currently carries a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The Zacks Consensus Estimate for Kroger’s current fiscal-year sales and earnings implies growth of 1.1% and 6.7%, respectively, from the year-ago reported numbers. KR delivered a trailing four-quarter earnings surprise of 1.4%, on average.
Grocery Outlet Holding Corp. (GO) operates as a retailer of consumables and fresh products sold through independently operated stores in the United States. It carries a Zacks Rank #2 at present. GO delivered a trailing four-quarter earnings surprise of 28.2%, on average.
The Zacks Consensus Estimate for Grocery Outlet’s current financial-year sales indicates growth of around 8.2% from the year-ago reported numbers.
Ollie's Bargain Outlet Holdings, Inc. (OLLI) operates as a retailer of closeout merchandise and excess inventory in the United States and currently carries a Zacks Rank #2. OLLI delivered a trailing four-quarter earnings surprise of 2%, on average.
The Zacks Consensus Estimate for Ollie's current fiscal-year sales and earnings implies growth of 14.3% and 14%, respectively, from the year-ago reported numbers.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Walmart Q2 Earnings Miss Estimates but Sales Beat, FY26 View Lifted

In trading on Thursday, general contractors & builders shares were relative laggards, down on the day by about 2.5%. Helping drag down the group were shares of Hovnanian Enterprises, down about 11.6% and shares of Dream Finders Homes down about 3.8% on the day.
Also lagging the market Thursday are department stores shares, down on the day by about 1.7% as a group, led down by Gigacloud Technology, trading lower by about 4.5% and Walmart, trading lower by about 4%.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Walmart Inc.

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