NEW YORK: Wall Street stocks were mostly lower early Tuesday following lackluster housing data and as Walmart results highlighted how inflation is altering consumer behavior.
The number of new US home construction projects started in July tumbled 9.6 percent, according to government data, which was far below expectations and a sign of a slowdown in the key sector.
Meanwhile, Walmart reported an 8.4 percent jump in revenues to $152.9 billion as it scored better-than-expected results. However, executives said consumers were shifting buying patterns due to higher gasoline and food prices.
The results highlighted the impact from inflation, a question mark surrounding the stock market’s recent strength.
US stocks lower ahead of key retail sales, earnings
About an hour into trading, the Dow Jones Industrial Average was up 0.2 percent at 33,990.77.
The broad-based S&P 500 shed 0.2 percent to 4,286.79, while the tech-rich Nasdaq Composite Index dropped 0.9 percent to 13,015.06.
Among individual companies, Walmart jumped 5.2 percent on the positive results that came after the company slashed its profit forecast late last month.
Home Depot rose 2.5 percent following a 7.6 percent increase in quarterly earnings to $5.2 billion.
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