(For a Reuters live blog on U.S., UK and European stock
markets, click or type LIVE/ in a news window)
* Walmart sees smaller profit drop this year
* Home Depot beats sales estimates on demand from builders
* Indexes mixed: Dow up 0.08%, S&P off 0.13%, Nasdaq falls
Aug 16 (Reuters) - The Dow inched higher on Tuesday as
results from Walmart and Home Depot lifted the retail sector,
while a slide in megacap growth stocks and signs of a slowing
global economy weighed on the Nasdaq and the S&P 500.
Boosting the blue-chip Dow, Walmart Inc rose
5.3% as the world's largest retailer forecast a smaller drop in
full-year profit than previously projected.
The S&P 500 retail sector gained 0.5% in early
Home Depot Inc added 1.7% as it surpassed estimates
for quarterly sales after demand from builders and higher prices
helped the biggest home-improvement chain cushion the hit from
dwindling store visits.
"The consumer seems to be holding up, even though we
continue to have inflation," said Kim Forrest, chief investment
officer at Bokeh Capital Partners in Pittsburgh.
"The price of gasoline has come down and especially for
lower-income shoppers, that takes a lot of their spending."
Many high-growth and technology stocks edged lower as U.S.
Treasury yields snapped their two-day slump.
Apple Inc and Nvidia Corp fell 0.4% and
1.1%, respectively, as the 10-year Treasury yield rose to 2.85%.
Despite a rough start to the year on fears of surging prices
and rising rates tipping the U.S. economy into a recession, Wall
Street indexes have recovered some of their sharp losses in the
recent weeks on signs that inflation has peaked.
The tech-heavy Nasdaq index has bounced nearly 24% off its
Investor sentiment is still bearish, but no longer
"apocalyptically" so, according to BofA's monthly survey of
global fund managers in August.
At 09:41 a.m. ET, the Dow Jones Industrial Average
was up 26.85 points, or 0.08%, at 33,939.29, the S&P 500
was down 5.77 points, or 0.13%, at 4,291.37, and the Nasdaq
Composite was down 55.16 points, or 0.42%, at 13,072.89.
Better-than-expected earnings from corporate America have
been a bright spot for U.S. equities recently, with 77.6% of the
S&P 500 companies that have reported results as of Friday
beating analysts' estimates, according to Refinitiv data.
Focus will be on retail earnings and retail sales data this
week for more clues on the impact of inflation on consumer
Declining issues outnumbered advancers for a 1.41-to-1 ratio
on the NYSE and a 1.84-to-1 ratio on the Nasdaq.
The S&P index recorded five new 52-week highs and 29 new
lows, while the Nasdaq recorded 24 new highs and 12 new lows.
(Reporting by Bansari Mayur Kamdar and Susan Mathew in
Bengaluru; Editing by Shounak Dasgupta)