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 tomorrow's Federal Reserve decision.
In mid-afternoon action, the Nasdaq ( COMP.IND ) is -1.9% , S&P ( SP500 ) is -1.2% , and the Dow ( DJI ) is -0.6% .
Walmart is down after cutting its quarterly and full-year profit guidance on margin pressure . Meanwhile, Shopify is slumping after it said it would lay off 10% of its workforce .
Beyond the handful of high-profile disappointments, the morning's major earnings were mostly favorable. GE is outperforming to the upside, with McDonald's and Coca-Cola also showing strength.
Looking to the bond market, the 10-year Treasury yield is down 3 basis points to 2.79% and the 2-year yield is up one basis point at 3.04%.
Looking at the incoming 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 ranks 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 move lower with growth under pressure