Walmart's earnings are due out Tuesday morning, and investors will be paying close attention to the retail giant seen as an additional inflation gauge.
"The increasing levels of food and fuel inflation are affecting how customers spend, and while we’ve made good progress clearing hard-line categories, apparel in Walmart U.S. is requiring more markdown dollars," McMillon said in a statement announcing the move. "We’re now anticipating more pressure on general merchandise in the back half."
The Labor Department reported last week that price surges slowed in July for the first time in months — fueling hopes that inflation peaked earlier this summer after soaring for months on end.
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