NEW YORK: Wall Street stocks opened lower on Tuesday after the three-day weekend, with markets showing a mixed response to financial results from retailers Walmart and Home Depot.
Around 10 minutes into trading, the Dow Jones Industrial Average lost 0.1 percent at 38,599.85, while the broad-based S&P 500 retreated 0.5 percent to 4,981.29.
The tech-heavy Nasdaq Composite Index slumped 0.8 percent to 15,648.50.
“There isn’t a lot of trading excitement in the air,” said Patrick O’Hare of Briefing.com.
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This is despite banking giant Capital One’s announcement on Monday that it will acquire financial services company Discover in a $35.3 billion deal combining two of America’s major credit card firms.
“That news has stirred the pot a bit in the financial sector, but overall, it hasn’t energized the broader market,” O’Hare added.
On Tuesday, Walmart said it would buy smart television maker Vizio for $2.3 billion, boosting the retail giant’s advertising venture as growth slows in its legacy business.
It also released its fourth quarter earnings, reporting solid revenue growth to $173.4 billion, sending its shares 5.7 percent higher.
While Home Depot also reported earnings that beat expectations, its quarterly sales fell on-year and its shares dropped 1.4 percent.
This week, investors will be eyeing the release of minutes from the most recent Federal Reserve policy meeting on Wednesday for clues on when officials might roll out their first interest rate cut.
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