Stock Market Today: Dow Reclaims 34K as Walmart, Home Depot Stocks Soar
Both retailers reported higher-than-expected earnings and revenue in Q2 and reiterated their full-year forecasts.


Stocks started Tuesday on shaky ground before muscling higher thanks to a pair of well-received earnings reports from retail giants.
Walmart (WMT) stock jumped 5.1% after the mega-retailer reported higher-than-expected earnings and revenue for its second quarter. The company also reiterated its full-year guidance. This was particularly notable, given that operating income fell in Q2 amid an inventory glut and a shift by consumers toward necessities and away from higher-priced discretionary items.
Home Depot (HD, +4.1%) also beat on the top and bottom lines in its second quarter, and reaffirmed its full-year forecast. While the home improvement retailer said total customer transactions for the three-month period were down 3% year-over-year, the average receipt was up 9.1%.
From just $107.88 $24.99 for Kiplinger Personal Finance
Be a smarter, better informed investor.

Sign up for Kiplinger’s Free Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
"Results from both Walmart and Home Depot suggest the consumer continues to be resilient," says Michael Reinking, senior market strategist at the New York Stock Exchange. "Seemingly, relief at the pump has helped on this front." Reinking adds that in terms of current consumer spending, Walmart highlighted a solid start to back-to-school shopping season, while Home Depot said home improvement spending is still strong despite signs of a weakening housing market. More retailers are scheduled on this week's earnings calendar, with Target (TGT, +4.6%) and Lowe's (LOW, +2.9%) set to report tomorrow.
The blue-chip earnings pushed the Dow Jones Industrial Average higher for a fifth straight day, rising 0.7% to 34,151 – its first close above 34,000 since early May. The S&P 500 Index also closed higher, up 0.2% at 4,305, while the Nasdaq Composite (-0.2% at 13,102) erased an early afternoon lead to end with a modest loss.
Other news in the stock market today:
- The small-cap Russell 2000 ended with a marginal loss at 2,020.
- U.S. crude futures fell 2.4% to $87.26 per barrel, their lowest close since January. "Crude prices are declining over fears China's growth could slow much more and on improving odds that the Iranian crude could flood the market as negotiators near a potential revival of the Iran nuclear deal," says Edward Moya, senior market strategist at currency data provider OANDA.
- Gold futures closed lower for a second straight day, shedding 0.5% to $1,789.70 an ounce.
- Bitcoin slipped 0.2% to $23,933.97. (Bitcoin trades 24 hours a day; prices reported here are as of 4 p.m.)
- Bed Bath & Beyond (BBBY) continued to climb, this time boosted by news RC Ventures, the venture capital firm owned by GameStop (GME) Chairman Ryan Cohen, bought 1.6 million out-of-the-money BBBY calls with strike prices between $60 and $80 (meaning the stock is expected to rally past these levels). At one point today, the meme stock was up more than 75% before ending the day with a 29.1% gain at $20.65.
- Snowflake (SNOW) gave back 1.8% after UBS Global Research analyst Karl Keirstead downgraded the cloud-based data platform to Neutral from Buy. The analyst says the stock's nearly 50% rally off its June lows has created a "less-favorable set-up given the macro headwinds, more checks citing a desire to trim discretionary data analytics spend and Snowflake’s customer profile, which (like AWS) includes a number of emerging tech/internet firms and pandemic beneficiaries that may be moderating spending growth."
Buffett's Q2 Buys and Sells
Warren Buffett spent most of Q2 adding to existing stakes in some of his favorite stocks. That's according to a Monday evening regulatory filing from Berkshire Hathaway (BRK.B), Buffett's holding company.
According to the Form 13F that was filed with the Securities and Exchange Commission (SEC) yesterday, Warren Buffett and his team continued to buy in the second quarter as the broader stock market sold off (the S&P 500 fell 16.5% in Q2).
Among the most notable positions added to in the Berkshire Hathaway equity portfolio were the purchase of another 3.9 million shares of Apple (AAPL) – the largest position by a mile. Buffett also increased his stake in another Dow Jones stock and aggressively purchased shares of Occidental Petroleum (OXY), leading some to speculate if the Oracle of Omaha is just going to buy the oil and gas firm outright. Read on as we take a closer look at all of Buffett & Co.'s buys and sells in the second quarter of 2022.
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.

With over a decade of experience writing about the stock market, Karee Venema is the senior investing editor at Kiplinger.com. She joined the publication in April 2021 after 10 years of working as an investing writer and columnist at a local investment research firm. In her previous role, Karee focused primarily on options trading, as well as technical, fundamental and sentiment analysis.
-
Sam's Club Extends A Popular Shopping Perk
Sam's Club has adopted a new policy on Sundays and holidays. Learn what it is and how to save on a membership.
-
The Ultimate Cruise Packing List for Retirees
Ready to set sail on your dream cruise? Here’s a no-fuss packing list tailored for older travelers to keep your trip stress-free.
-
Stocks Retreat as Shutdown Continues: Stock Market Today
While the main indexes closed lower today, Delta and PepsiCo gained ground on encouraging earnings reports.
-
S&P 500 Hits New Highs as Rally Resumes: Stock Market Today
Tech stocks were the biggest gainers on Wall Street today, with Nvidia and Dell making notable moves.
-
Rally Fades on Mixed AI Revolution News: Stock Market Today
All three main U.S. equity indexes opened higher but closed lower as a seven-session winning streak for the S&P 500 came to an end.
-
S&P, Nasdaq Hit New Highs: Stock Market Today
A late-day rally wasn't enough to lift the Dow into the green as its six-session winning streak came to an end.
-
Dow Adds 238 Points as UNH, CAT Pop: Stock Market Today
The lack of a September jobs report didn't seem to worry market participants, with the data delayed due to the ongoing government shutdown.
-
Stocks at New Highs as Shutdown Drags On: Stock Market Today
The Nasdaq Composite, S&P 500 and Dow Jones Industrial Average all notched new record closes Thursday as tech stocks gained.
-
S&P 500 Sees New Highs on Shutdown Day: Stock Market Today
Most of its components were in the red, but the S&P 500 Index still managed to hit a new intraday all-time high.
-
Stocks Close September on a High Note: Stock Market Today
A little bit of late risk-on behavior was enough to lift stocks into the green on the last day of September.