Shares in US retailers led Wall Street lower on Tuesday after Walmart warned that higher inflation would hurt its profits.
The broad S&P 500 share index shed 1.2 per cent, with consumer cyclical stocks suffering the sharpest declines.
Walmart’s stock dropped 7.6 per cent after the big-box retailer issued its second profit warning in 10 weeks. In an update after Monday’s closing bell, it said rising prices for fuel and food were weighing on demand for less essential items such as clothing.
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