REUTERS: Wall Street's main indexes slipped from near record levels on Thursday, as a dour forecast from tech stalwart Cisco Systems raised fresh questions about the global economy's health and overshadowed a strong report from big box retailer Walmart.
In contrast, Walmart raised its annual outlook and the world's largest retailer posted better-than-expected earnings, comparable sales and e-commerce growth in its largest market during the third quarter. “We have on display this front-end of the economy, the U.S. consumer, that remains resilient and remains in a healthy place in front of a very key holiday spending timeframe for the economy," said Margaret Reid, senior portfolio manager at The Private Bank at Union Bank in San Francisco.That compares, Reid said, to"the back-end of the economy that still seems to be plagued and weighed by U.S.-China trade and global economic and political volatility.
Stocks have recently run to all-time highs, with the Dow and the S&P 500 posting record closing levels on Wednesday, helped by the Federal Reserve's interest rate cuts, third-quarter earnings topping low expectations and signs the economy may be bottoming.