The markets traded considerably lower today as it was speculated that President Trump's divorce from corporate america would have an impact on his "pro-business" agenda. There was also news of a terrorist attack in Barcelona which weighed on the markets as well. The Dow 30 lost 274, the S&P 500 sold off 38, and the Nasdaq 100 lost 123. Friday, traders will get a look at consumer sentiment numbers which can be a market moving release.
Walmart (NYSE: WMT) shares were lower today by 1.58% as the world's largest retail chain announced lower guidance going forward. This came despite reporting earnings that beat on both its top and bottom lines. The company cited online purchases as one of the driving factors as that segment saw growth of 60%. Shares are higher by 15.03% on the year despite today's decline.
Cisco Systems (NASDAQ: CSCO) shares fell 4.02% today when the company announced earnings and revenue that were basically as Wall Street estimated. Part of the concern was that revenue was lower for the seventh consecutive quarter. Cisco also announced that earnings and revenue this quarter will likely disappoint, which tends to weigh on price. Shares have been in a sideways trading range since the companies last earnings announcement, but after today shares are trading at the lower end of that range.
L Brands (NYSE: LB), the parent company of Victoria's Secret and Bath and Body Works announced earnings that missed on same store sales. L Brands placed blame on the decline due partially to "Victoria's Secret's decision to stop selling swimwear and apparel." Shares sold off 5.37% today but closed well off their lows. For the year shares are down by over 45%.