Walmart's inventory levels were still at historic levels exiting the April quarter, the team said.

"In terms of trade-down, the best proxy we would have, although every recession is different, would be 2008," said group president Michael Hartshorn.

The S&P 500 briefly slipped 20% from its all-time high in early January, officially pegging the broadest measure of U.S. stocks in bear market territory.

Stock futures bounce on China rate cut, bargain hunting; Tesla shares gain as Musk vows '24/7 focus' amid lurid headlines; Applied Materials shares slide as chip sector disruptions clip Q2 earnings; Ross Stores shares tank after softer Q1 earnings, gloomy outlook and Monkeypox infections spread, with new cases in Quebec and Spain.

BMO chooses Broadcom, Pfizer, Cigna, Fortune Brands, Ross Stores, Parker-Hannifin, CSX and International Paper.

Tesla CEO Musk discusses succession plans and Twitter with shareholders.

The company has made clear what it plans on the Las Vegas Strip, but it has a fast-approaching deadline.

Long-delayed futuristic looking electric vehicle will be in production by the middle of 2023