Closing Bell: Walmart Sinks Starbucks, Target; Stocks Slide

Stocks tried for gains earlier in the day but gave up by the afternoon. Though it moved off session lows by the market close, the S&P 500 still suffered a 0.5% drop for the day. Walmart (WMT) was the biggest drag on markets, punishing consumer discretionary stocks. The U.S. economy expanded at a modest pace from mid-August to early October, according to the Fed’s Beige Book, though a stronger dollar did take its toll. A number of districts, including New York, Minneapolis and Dallas, said the dollar had had the biggest impact on manufacturing and tourism. Nike (NKE) projects $50 billion in annual revenue by 2020. The athletic gear company said it expects to double sales in its women’s wear segment.