June 3, 2023

Dubai Week

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Wall Street starts trading lower, and Wal-Mart shares lose 8%

U.S. stocks began trading lower on Tuesday, hurt by results from Wal-Mart, which cut its forecast for profit growth due to inflation.

In early trading on Wall Street, shares of giant US retailer Wal-Mart lost about 8%.

Wall Street’s major indexes opened lower today, as lower-than-expected earnings for Walmart stores raised concerns that the retail sector is cutting spending in the face of consumer inflation, which hit its highest level in decades, Reuters reported.

The Dow Jones Industrial Average was down 40 points, or 0.13%, at 31950.04.

The S&P 500 index opened 13.62 points, or 0.34% lower, at 3,953.22. The Nasdaq Composite dropped 81.13 points, or 0.69%, to 11,701.53.

In September 2022, the giant American retail chain Walmart announced that it will sign a major partnership agreement with cryptocurrency company Litecoin.

The partnership allows millions of shoppers around the world to pay for their purchases at Walmart stores in cryptocurrency.

According to Wal-Mart, all branches of its e-stores “e-commerce” will offer the option “Pay Ways Litecoin” (the option to pay in digital currency Litecoin) from the first of next October.

By adding Litecoin to the payment options on Walmart’s e-commerce website, shoppers will find it much easier to transact with e-commerce services and pay for purchases without any additional fees, wherever the customer is in the world.

It is noteworthy that Walmart was one of the first companies to adopt the blockchain technology used in cryptocurrencies since the beginning of 2016, by using a so-called “digital ledger” to facilitate the management of the giant’s supply chain.

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Through the partnership, Walmart allowed its customers to use the digital currency Litecoin and benefit from the benefits of an encrypted digital currency in general.

It’s worth noting that digital currency Litecoin is designed to be used for low-value purchases, unlike Bitcoin, which is worth around $40,000, making paying for low-value purchases a relatively difficult issue.