TheStreet’s Conway Gittens brings the latest business headlines from the floor of the New York Stock Exchange as markets close for trading Tuesday, May 14.
Related: Walmart makes a harsh decision, cracking down on remote work
Full Video Transcript Below:
CONWAY GITTENS: I'm Conway Gittens reporting from the New York Stock Exchange. Here's what we're watching on TheStreet today.
The Nasdaq hit a new record high on Tuesday, and the S&P 500 flirted was a high of its own. The Dow also finished Tuesday's session in the green. Investors shrugged off inflation data and retail woes. Wholesale inflation came in at a hotter-than-expected 0.5 percent for April. Meanwhile, quarterly sales dropped for the 6th straight quarter at Home Depot. Investors are still betting on a rate cut coming as early as September. Consumer inflation numbers due Wednesday could confirm those hopes.
In other news...not even Walmart is immune from shifting consumer habits. America's largest retailer is being forced to slim down as consumers who flocked to the internet during the pandemic fail to return to in-store buying, and as shoppers feel the pinch from inflation.
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Walmart is closing underperforming stores across the country this year, following 24 closures in 2023 - - far more than the 15 originally slated. And that's not all, it is shutting all of its 52 health centers and closing its entire health division.
The belt tightening is also happening at the corporate level. Walmart is slashing hundreds of office jobs, and urging remote workers to relocate to one of three major hubs, according to media reports. Those who don't want to move - will have to quit.
The cuts at Walmart could be a sign of things to come as Walmart is the country's largest private employer.
Investors will get a deeper look at what's happening at Walmart, when quarterly results are released Thursday.
That'll do it for your daily briefing. From the New York Stock Exchange, I'm Conway Gittens with TheStreet.
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