Monday, Walmart issued a profit warning that its second quarter income would show a decline of about 13%. That set off an after-hours slide in many retailers’ stock prices that wiped out $100 billion in stock value. The S&P retailing index is now down 24% for the year. The good news: President Biden doesn’t see a recession coming.

https://redstate.com/bobhoge/2022/07/25/profit-warning-from-walmart-causes-us-retailers-to-lose-100b-in-market-value-in-after-hours-trading-n601559