Stock Market Today: Walmart Inflation Woes Give Stocks a Scare

The nation’s largest retailer cut its second-quarter and full-year profit forecasts, citing higher fuel and food prices.

A profit warning from the nation’s largest retailer ahead of a busy stretch of corporate earnings sent stocks lower at the start of Tuesday’s trading, and the selling continued as the session wore on.

Late Monday, Walmart (WMT) said that it now expects second-quarter earnings per share to be down 8% to 9% year-over-year and operating income to fall at least 13%, compared to May guidance for both metrics to be flat to up slightly.