NEW YORK, Aug 16 — US stock index futures edged lower today as investors assessed results from retailers Walmart and Home Depot, while signs of a slowing global economy continued to keep markets on edge.
Home Depot’s shares fell marginally even as other retail stocks traded higher following Walmart’s forecast, with a few analysts saying expectations heading into Home Depot’s earnings were too high. “The price of gasoline has come down and especially for lower-income shoppers, that takes a lot of their spending.” Despite a rough start to the year on fears of surging prices and rising rates tipping the US economy into a recession, Wall Street indexes have recovered some of their sharp losses in the recent weeks on signs that inflation has peaked.Investor sentiment is still bearish, but no longer “apocalyptically” so, according to BofA’s monthly survey of global fund managers in August.
Focus will be on retail earnings and retail sales data this week for more clues on the impact of inflation on consumer behaviour.
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