Dow sheds more than 200 points after Walmart profit warning, S&P 500 falls 1%; European stocks close mixed with earnings, Fed meeting on the agenda; UBS down 8%  
U.S. stocks extended losses Tuesday afternoon after Walmart cut its earnings forecast, sending other retail shares lower and adding to concern that consumer spending might not be strong enough to keep the U.S. out of a recession. 
The Dow Jones Industrial Average fell by 247 points, or 0.7%, while the S&P 500 lost 1.3%. The Nasdaq Composite declined 2%. 
Walmart cut its quarterly and full-year profit estimates because of rising food inflation. This alarmed investors who deliberated the implications for other retail stocks. The big-box retailer said higher prices are spurring consumers to pull back on general merchandise spending, particularly in apparel. 
Walmart plunged 8% Tuesday and dragged other retailers with it. Kohl’s and Target dropped 7% and 5%, respectively. Apparel companies were hit hard, with Macy’s down almost 6% and Nordstrom, Ross and TJX Companies lower by about 4% each. The SPDR S&P Retail ETF was lost almost 4%.  
On the flip side, Coca-Cola shares rose 2.2% after the beverage giant topped earnings and revenue expectations, citing a sales volume recovery from the pandemic and higher pricing. 
Shares of McDonald’s added 3% following mixed second-quarter results, in which net sales were hurt in part by the closure of locations in Russia and Ukraine, but international growth elsewhere fueled a rise same-store sales. 
Industrial stocks were earnings winners too. Shares of 3M rose 6% after beating earnings and revenue estimates and announcing plans to spin its health care business into a separate publicly traded company. General Electric posted better-than-expected results citing recovery in the aviation industry that boosted its jet engine business. Its shares gained almost 7%. 

The pan-European Stoxx 600 index closed flat, with retail stocks sliding 4% while health care gained 1.7%. UBS missed expectations for the second quarter of 2022 as its wealth management and investment banking divisions saw falling client activity on the back of the global market downturn. The Swiss bank posted a net profit attributable to shareholders of $2.108 billion, below analyst expectations aggregated by the company of $2.403 billion. UBS shares fell 8%. 
Source: CNBC, Investing.com