Indian billionaire investor Rakesh Jhunjhunwala says he's very upbeat about his country's growth potential after the country underwent a massive banking crisis and the rollout...Asia Economyread more
Stocks in Asia mostly recovered in Tuesday afternoon trade as investors cheered a reprieve in U.S.-China trade tensions surrounding Chinese telecommunications giant Huawei.Asia Marketsread more
The issue of corporate debt has surfaced as companies continue to use the low rates the Fed has provided to lever up their balance sheets.The Fedread more
The U.S. government on Monday temporarily eased some trade restrictions imposed recently on China's Huawei, a move that sought to minimize disruption for the telecom company's...Technologyread more
Most U.S. hedge funds aren't expecting another big stock market sell-off as more firms curb bets on volatility, according to Nomura.Marketsread more
Mall owners are increasingly building out food halls with local chef-driven eateries, sushi bars and premium coffee shops.Retailread more
While Trump's lawyers had argued that the committee's subpoena did not have a legitimate legislative purpose — and was therefore invalid — Mehta took a broader view.Politicsread more
See which stocks are posting big moves after the bell on Monday, May 20.Market Insiderread more
A record 257.4 million travelers are expected to opt for U.S. airlines for travel this summer, the 10th consecutive annual increase, a trade group forecast on Tuesday.Airlinesread more
Binny Bansal, co-founder of Indian e-commerce giant Flipkart, says there are three traits that led to the business landing a record-breaking sale to retail giant Walmart.Entrepreneursread more
Silicon Valley argues that Wall Street focuses too much on near-term profits — but investors have embraced money-losing biotech IPOs.Marketsread more
The 16-day government shutdown earlier this month was a drag on Wal-Mart sales, particularly around military bases and areas with high concentrations of federal workers, said Bill Simon, president and CEO of the retail giant's U.S. operations.
"That sort of level of conversation and combativeness in Washington creates uncertainty in the economy," Simon told CNBC's "Squawk Box " on Tuesday. But the certainty of at least the temporary solution to reopen the government and extend the debt ceiling until early next year is "important and will free up their thinking for the holiday season," he added.
Wal-Mart is scheduled to report earnings in mid-November. Earlier this month, at its annual meeting with investors and analysts, the retailer revealed that it expects overall sales to rise to $475 billion to $480 billion this fiscal year. But that was a bit less than what Wall Street had been expecting at the time.
Simon also told CNBC on Tuesday that lower gas prices—which typically help sales at Wal-Mart—are being canceled out by other forces. "The tailwind of gas prices [is] offset by the headwinds of the payroll tax change at the beginning of the year [and] the upcoming SNAP [Supplemental Nutrition Assistance Program] benefit changes on the first of November."
The temporary increase in SNAP benefits, widely known as food stamps, for 47 million Americans a month is set to expire Oct. 31. Recipients first received the bump in their benefits under a provision in the 2009 federal stimulus package.
As for the upcoming holiday shopping season at Wal-Mart, Simon said, "It's sort of the Super Bowl, and our teams around the country are geared up for it."
He said Wal-Mart "bought deep" for the rush, and it's planning the "best pricing of the season" on Black Friday—the day after Thanksgiving that's viewed as the official start of the holiday shopping crunch.
Wal-Mart plans to hire 55,000 seasonal workers nationwide for the holiday season.
Meanwhile, the retailer announced Tuesday that Simon and other top executives will be traveling around to nation to promote more than 160,000 associates to jobs with higher pay and more responsibility.