Market indices decline into the red, Walmart drags stocks lower

Yahoo Finance Live anchors Seana Smith and Dave Briggs look at which stocks are moving markets to the downside on Tuesday.

Video transcript

- We're going to get to the market's action today ahead of those big tech earnings. Seana, what are we seeing?

- Big tech earnings. That's real interesting. We're going to get to the NASDAQ in just a second, but first, just take a look at the losses that we're seeing almost across the board. The DOW off 231 points with just about an hour to go. The S&P isn't looking much better. The S&P off just over 1%.

You mentioned the tech earnings that we're going to get from Alphabet and from Microsoft here after the bell, Dave. Look at that, the NASDAQ on track to end the day lower for the third day in a row. We're looking at losses of nearly 2%.

Taking a look at the sector action, it is a bit of a mixed picture as we pull that up. The weakness in tech being reflected in the sectors here. Consumer discretionary, communication services technology among the laggards in today's action. Health care, utilities, real estate leading the way.

But let's take a look at some of those laggards that we are seeing ahead of the earnings. Microsoft to Google in the red this afternoon. It really is a sea of red almost across the board here, Dave.

- And you look right here, we're going to get these earnings in just a bit and both stocks down ahead of those reports. Amazon, an interesting surprise, down 5%. Are they reacting to UPS, the overall environment we're seeing from the consumer? Well, we'll see their earnings on Thursday, and they've been pummeled year to date.

- They have them pummeled. Another big story that we are keeping a close eye on is the retail space, and specifically what we heard out from Walmart. This was after the bell yesterday. We're seeing the reaction in the stock today.

Walmart off just about 8%. They lowered their earnings guidance, and we're seeing that ripple across the industry here. Costco, Nike, Target, Shopify, TJX among some of the names here in the red this afternoon.

- Kohl's gets hit hard, Macy's gets hit hard, and surprise to me to see Nordstrom down 6%. You would have thought the high end of retail was protected from this. Not so much. It's hitting everybody.

Is there a good Fed story in here? We'll talk to Brian Sozzi about that. Is this deflationary? Are we seeing their work do its thing? I don't know. I'm looking for a bright side here.

- Yeah, I know. I like it. I like the line of thinking that you're going on this. I don't know though, especially when we're seeing the reaction that we have from the street today with Walmart off almost 8%. I don't know. The next couple of months could be a pretty tell.

- OK, good consumer story, you're going to save on apparel at Walmart and other retailers--

- There we go. I like it.

- --searching for it.