Walmart reported Q2 earnings today. They beat on revenue and earnings, and even raised their full-year guidance. Despite this, the stock dropped nearly 10%. The main reason seems to be weak domestic comparable sales, which grew just 2.6% instead of the 3.7% analysts expected. Management also mentioned that $2.9 billion of the earnings surprise came from tariff refunds, not core business operations. This trend of cautious consumer spending matches what we saw recently with Home Depot and the July retail sales data. Shoppers are pulling back due to high fuel costs. Broader macro conditions are adding to the pressure. Oil is up about 3% due to UAE and Iran tensions, and 30-year Treasury yields are staying at multi-decade highs. Treasury Secretary Bessent announced bigger buybacks of long-dated debt to help with poor liquidity. There were a few bright spots. Deere went up 9.4% after a beat and raise, and chip stocks like Micron and SK Hynix gained a couple of percent.