Walmart, Target, and tech stocks decline in after-hours trading

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Reuters

Walmart cuts profit forecast, blames food and fuel inflation

NEW YORK (Reuters) -Walmart Inc on Monday cut its profit forecast as food and fuel inflation forced customers to limit purchases of other items, and the retailer responded by cutting prices of clothing and general merchandise. Shares of the nation’s largest retailer were down 9% in trading after the bell, dragging down shares of rivals including Target and Amazon.com. “The increasing levels of food and fuel inflation are affecting how customers spend … we’re now anticipating more pressure on general merchandise in the back half,” Doug McMillon, Walmart’s chief executive officer, said.