BEFORE THE BELL: Walmart shares drop following earnings report; TSX waits on big bank results
Dow futures are down 160 points before the markets open this morning and traders are waiting to see if a six-day winning streak could end for Wall Street. The weight comes from Walmart, which fell short of expectations for its yearly numbers mostly due to modest online sales. The earnings came in at $1.33 USD, about four cents lower than expected. The retailer has faced tough competition in the online world from Amazon. Walmart’s quarterly numbers were a bit higher than expected though up 2.6 per cent. Following the release of the results, Walmart shares dropped three per cent.
Analysts say the TSX may get a boost this week from the financial sector as quarterly reports from CIBC and RBC come in this week.
And as the energy market balances out between supply and demand, the price of oil is gaining. Crude is up 0.54 to 62.09 this morning.
Meanwhile, gold has been sliding in early morning trading, down 13.80 to 1,342.
The Loonie is down to 79.44 cents US.