TheStreet’s J.D. Durkin brings you the biggest news of the day, including how the market fared and why Walmart is predicting a slow run up to the holiday season.
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00:00 I'm JD Durkin reporting from the floor of the New York Stock Exchange.
00:03 Stocks were mixed to close out the day's session.
00:05 The Dow closed down 45 points, the Nasdaq closed up fractionally, while the S&P 500
00:11 also closed fractionally higher as stocks took a breather from the November rally.
00:16 Stocks popped up earlier this week as Wall Street reacted to inflation as well as retail
00:20 spending data.
00:21 Meanwhile, oil prices are once again in focus after dropping to their lowest level seen
00:26 in four months.
00:27 This comes amid fears of slowing demand and disappointing economic data out of both the
00:31 U.S. and China.
00:33 Turning our attention now to the world of retail, despite raising its sales and profit
00:37 forecast for the rest of the year, Walmart says consumers are being more cautious with
00:41 their cash as the holiday season approaches.
00:44 Walmart saw shopper visits increase by 3.5% in the third quarter, but CFO John David Rainey
00:50 said customers are still using more discretion in this inflationary environment.
00:55 He also said consumers are waiting for the big sales during Black Friday as well as Cyber
00:59 Monday.
01:00 This lines up with similar thoughts expressed by Target CEO Brian Cornell.
01:05 Rainey went on to say, "This gives us reason to think slightly more cautiously about the
01:09 consumer versus 90 days ago."
01:11 U.S. consumer spending is responsible for about 70% of the entire American economy,
01:17 and retail sales rose just 0.2% in October thanks to higher borrowing costs and ongoing
01:23 inflation.
01:24 But none of this seems to be slowing down Walmart as WMT saw its stock hit an all-time
01:29 high on Wednesday with shares up nearly 20% in 2023.
01:34 That will do it for your daily briefing.
01:35 From the floor of the New York Stock Exchange, I'm J.D. Durkin with The Street.
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