By Medha Singh
(Reuters) – U.S. stock index futures climbed on Tuesday after better-than-expected results from Walmart and Home Depot signaled strength in consumer demand against the backdrop of rising prices.
Walmart, the world’s biggest retailer gained 1.5% after raising its full-year earnings forecast as additional stimulus checks increased spending for apparel and electronics.
Top U.S. home improvement retailer Home Depot’s shares rose 2.3% in premarket trading after beating quarterly same-store sales estimates, as demand remained strong even as vaccinations opened up more traditional avenues for consumers to spend their money.
Wall Street’s main indexes fell on Monday on fears that an overheating economy could prompt the Federal Reserve to rein in its monetary support following a spike in volatility last week after strong inflation readings.
The benchmark S&P 500 is about 2% from its all-time high, while the tech-heavy Nasdaq is about 6% from its April 29 record high.
Fund managers trimmed their overweight positions on technology stocks to a three-year low as inflation worries…
