** Forecast of higher consumer prices **

In more corporate fallout, Walmart on Thursday warned that rising costs from tariffs soon lead to higher prices for shoppers. The company was the latest to skip giving second-quarter profit guidance due to Trump's tariffs disrupting global trade.

This report could also be a key indicator for other retailers' results. Target, Home Depot, and Lowe's are all set to report next week.

"We will do our best to keep our prices as low as possible, but given the magnitude of the tariffs, even at the reduced levels announced this week, we aren't able to absorb all the pressure given the reality of narrow retail margins," Walmart CEO Doug McMillon said in the release. He added on the earnings call that tariffs have already led to price increases in April and May.

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Source: Yahoo Finance