Stocks fell on Tuesday, with the major indexes pulling back from record levels amid a mixed batch of earnings results from major retailers. A closely watched monthly report on retail sales also missed estimates, pointing to a bigger-than-expected deceleration in consumer spending.
The S&P 500 declined after closing at an all-time high by the end of Monday’s session. That marked the index’s fifth consecutive record close. The Dow and Nasdaq also traded lower.
Shares of Dow component Walmart (WMT) fell even after the big-box retailer posted second-quarter results that blew past estimates and raised its full-year guidance. Stimulus check spending, strong grocery demand and e-commerce sales helped push U.S. comparable sales excluding gas up by 5.5%, topping estimates but still slowing from last year’s 9.9% surge.
Home Depot (HD), meanwhile, missed on comparable sales for the second quarter, with these rising 4.5%, or more than a full percentage point below…