Shares of big-box retailers including Walmart Inc. and Target Corp slipped 1%, while department store chains Macy's Inc., Nordstrom Inc. and Kohl's Corp. were down between 1% and 2% amid a broader market decline
U.S. stocks fell after dour forecast from Home Depot Inc and April retail sales data pointed to consumers feeling pinch from rising prices and interest rates, ahead of crucial debt limit talks
Home Depot finance chief Richard McPhail said demand was softening even more than company's expectations.
Target is set to report first quarter results on May 17 and Walmart is expected to report Q1 results on May 18.