The stock market lost ground on Tuesday, hurt by a disappointing forecast from Walmart and poorly received earnings from a few other big names, like GM and UBS. Meanwhile, investors still have one eye fixed on Wednesday's Federal Reserve decision.
The Nasdaq ( COMP.IND ) finished -1.9% , S&P ( SP500 ) ended -1.2% , and the Dow ( DJI ) closed -0.7% .
Walmart dropped after cutting its quarterly and full-year profit guidance on margin pressure . Meanwhile, Shopify slumped after it said it would lay off 10% of its workforce .
Beyond the handful of high-profile disappointments, the day's major earnings were mostly favorable. GE outperformed to the upside, with McDonald's and Coca-Cola also showing strength.
Looking to the bond market, the 10-year Treasury yield dipped 2 basis points to 2.80% and the 2-year yield rose two basis point at 3.06%.
Looking at the day's econ data, the Conference Board's July consumer confidence index fell more than expected to 95.7 . Meanwhile, June new home sales dropped much more than expected to a rate of 590K .
Among other active stocks, 3M ranked among the top S&P gainers as it looks to spin off its healthcare unit .
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Nasdaq, S&P 500, Dow Jones drop as Walmart warns, Fed on tap