Walmart reported last Thursday and guided revenues and earnings for 2025, sales for WMT were revised to 3%-4% from 5%. Sounds like a minor change but WMT is one of the best barometers for the economy and with inflation around 3% there is not much if any real growth. The market fell in reaction as perhaps the odds of a recession are rising. When Retail Sales for January were reported on February 14th the market gave the report no respect, with Retail Sales declining -0.9%, but on a year over year basis was up 4.2% (remember this includes inflation).

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