U.S. Stocks Open Lower as China Stocks Plummet on Currency Worries

U.S. stocks opened lower Tuesday as fallout from another sell-off in China spreads around the globe. The Shanghai Composite suffered its worst day in three weeks on continued worries about the value of the country's currency. Meanwhile, the world's largest retailer, Walmart (WMT), reports weaker than expected earnings and warned about its sales and profit for the rest of the year. The CEO says improvements they have made are taking longer to take hold than expected. Home Depot (HD) though is benefiting from the recovering housing market. Demand for indoor home improvements offset slow sales of paint and outdoor equipment as rains kept shoppers away. Meanwhile, housing starts for July were the strongest since October 2007 but building permits dropped 16.3% last month.