Stocks sink after weak profit report from Walmart
CBSN
Wall Street opened lower Tuesday, dragged down by weak profit reports from some of the biggest names in corporate America.
The S&P 500 fell 29 points, or 0.7%, to 3,927 points shortly after the start of trade, while the Dow Jones Industrial Average slid 0.5%. The tech heavy Nasdaq Composite dropped nearly 1%.
Walmart shares are plunging after the nation's biggest retailer lowered its profit forecast and said surging inflation on basics like food that is making shoppers cut back. GM is down 4% after saying computer chip and parts shortages hobbled factory output in the second quarter.
The launch of Boeing's star-crossed Starliner spacecraft on its first piloted test flight is slipping to at least June 1 to give engineers more time to assess a small-but-persistent helium leak in the capsule's propulsion system, and its potential impact across all phases of flight, NASA announced Wednesday.
Washington — As former President Donald Trump's "hush money" criminal trial in New York proceeds to closing arguments next week, the legal focus is moving south. His attorneys and longtime aide Walt Nauta appeared before Florida federal Judge Aileen Cannon, where they sparred with prosecutors during two contentious, day-long hearings on Wednesday.