On Thursday, the US stock market exhibited a mixed performance following a robust mid-week rally, with investors absorbing updates from corporate America indicating a potential slowdown in consumer spending and a dip in oil prices to a four-month low.
Walmart (WMT) released quarterly earnings that surpassed expectations and revised its annual outlook, albeit slightly below anticipated figures. This led to an approximately 8% drop in its share value.
On the other hand, Macy’s (M) shares surged by over 5% as the department store exceeded profit expectations, benefiting from improved freight costs.
Simultaneously, West Texas Intermediate crude oil (CL=F) witnessed a nearly 5% decline, reaching just below $73 per barrel, marking its lowest point in nearly four months.