Walmart Inc. WMT and Target Corporation TGT shares spiked earlier today but have have since reversed and begun trading lower. President Donald Trump is set to meet with executives from these companies and other major retailers, according to Bloomberg.
What To Know: Trump is scheduled to meet with executives from Walmart, Target, The Home Depot, Inc. HD and Lowe’s Corporation LOW to discuss how tariffs are affecting their operations. The meeting follows a 90-day suspension of planned tariff increases for most U.S. trading partners, excluding China.
Both the Consumer Confidence Index and the Expectations Index declined in March amid concerns about tariff-driven price increases and inflation. The Consumer Confidence Index fell by 7.2 points to 92.9 in March, reaching its lowest level since late 2022 and representing its fourth consecutive monthly decline. The Expectations Index, which reflects consumer outlook on business, income and labor market conditions over the next six months, dropped to 65.2, below the 80 level often seen as a sign of a coming recession.
In response to price hike concerns, consumers rushed to buy products such as cars and electronics in March to avoid the full impact of tariffs. U.S. retail sales rose 1.4% that month compared to February, while vehicle purchases jumped 5.3%.
Walmart and Target stocks may have initially risen on optimism surrounding the meeting, but have since pulled back as investors weigh the potential outcomes.
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Price Action: At the time of writing, Walmart stock is trading 1.49% lower at $91.83 and Target shares are moving 0.06% lower at $93.05, according to data from Benzinga Pro.
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