Concerns about inflation and recession have weighed heavily on investors.

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The stock market fell on Tuesday after Walmart warned that inflation would eat away at its profits as consumer habits changed. By midday, the Dow Jones Industrial Average was down 214 points, or 0.7%, while the S&P 500 was down 1.2%, and the Nasdaq Composite was down 1.9%. Walmart (tick: WMT ) said it expects earnings per share to fall about 12% for the full year. Sales will continue to rise as it raises prices on food and supplies, but that will wipe out demand for other types of merchandise, forcing Walmart to lower prices in that area. Overall, the company expects its operating margin to be just under 3.9 percent for the full year, down from 4.5 percent at the end of last fiscal year, according to FactSet. The stock fell 8% on Tuesday. “We expect more retail margin discomfort as food and gas inflation catalyzes the decline,” Cowen analyst Oliver Chen wrote. Indeed, other retail stocks are taking a hit. Target ( TGT ), Home Depot ( HD ), Lowe’s ( LOW ) and TJX Cos . (TJX) fell 4.9%, 3.3%, 3.5% and 4.5% respectively. “Inflation is so pervasive and hurting Walmart, the nation’s largest employer, that it’s warning households are being forced to cut back on spending,” wrote Danielle DiMartino Booth, managing director and chief strategist at Quill Intelligence. “Sales of anything other than essentials are clearly in the crosshairs.” Walmart, however, is yesterday’s news, with the S&P 500 down 17% from its January all-time high heading into Tuesday. Even so, retail stocks, in particular, clearly weren’t ready for Walmart’s announcement. “I see this as more of a retail issue than a major consumer concern,” wrote Lindsey Bell, chief markets and money strategist at Ally Invest. However, the broader market will soon turn its attention to the closing bell, when tech companies Microsoft ( MSFT ) and Alphabet ( GOOGL ) report. Alphabet’s earnings will give the market a read on the health of ad spending, while Microsoft should give investors a sense of how tech spending is holding up. Together, the two stocks are big enough to move indexes, as their combined market capitalizations account for about 10% of the S&P 500. Hopefully it won’t be as scary as the Walmart news. Here are some stocks in action on Tuesday: General Motors ( GM ) fell 3.5% after the auto giant reported second-quarter earnings that fell short of expectations, despite revenue that beat analysts’ estimates. GM posted adjusted earnings of $1.14 a share, below the $1.33 expected by Wall Street, while revenue rose to $35.8 billion, versus the $33.2 billion analysts had estimated. analysts. Shares of Shopify ( SHOP ) fell 16% after news that the company is laying off 10% of its workforce. Shares of 3M ( MMM ) gained 6.5% after the company reported earnings of $2.48 a share, missing estimates of $2.65 a share, on sales of $8.7 billion, beating expectations for 8.57 billion dollars. The company also announced plans to spin off its healthcare business. Alibaba ( BABA ) was flat after the New York-listed Chinese tech giant said its board authorized management to file for a primary listing in Hong Kong. The move, which is expected to be completed by the end of the year, will leave Alibaba as a dual-prime listing company in New York and Hong Kong. Logitech International ( LOGI ) rose 2%—while the Zurich-listed PC and gaming peripheral group’s stock ( LOGNI.Switzerland ) fell 2%—after the company reported earnings. Logitech posted softer-than-expected first-quarter financial results and cut its full-year guidance, providing fresh evidence of slowing demand for consumer electronics. UBS ( UBS ) lost 10% after the Swiss bank reported lower-than-expected quarterly profit. Second-quarter earnings per share of 61 cents missed the 70 cents expected by Wall Street, while attributable net income of $2.1 billion missed estimates of $2.4 billion. The bank was hit by lower revenue in its core wealth management business. Write to Jack Denton at [email protected] and Jacob Sonenshine at [email protected]