5 Things to Know Before Markets Open

News of the day for Feb. 21, 2023

Walmart store cart

Joe Raedle / Staff / Getty Images

Disappointing earnings and guidance from retailers Walmart and Home Depot weigh on markets, and Meta launches a paid verification service. Here’s what investors need to know today.

1. Walmart and Home Depot shares retreat after reporting earnings

Walmart (WMT) shares are falling after the retailer reported a strong holiday quarter, but its profit forecast fell short of estimates. Home Depot shares (HD) are also down after the home improvement retailer posted weaker-than-expected revenue for the fourth quarter and issued a muted outlook. Other companies reporting earnings today include Medtronic, Palo Alto Networks, and Molson Coors Beverage.

2. Meta launches a paid verification service

Meta Platforms announced it is testing a monthly subscription service called Meta Verified, which will let users verify their accounts using a government ID and get a blue badge. The subscription bundle for Instagram and Facebook will be priced starting at $11.99 per month on the web or $14.99 per month on Apple’s IOS system and Android. The new service will be targeted primarily to content creators.

3. Google will defend a powerful internet shield law this week

The Supreme Court is expected to hear Google defend a powerful internet shield law this week. The law at issue, known as Section 230, gives internet platforms legal immunity for almost all third-party content on their sites.

4. Tesla is expected to announce a new plant in Mexico

Electric vehicle maker Tesla is expected to choose Mexico as a location for a new plant. CEO Elon Musk is reportedly planning to speak with Mexican President Andres Manuel Lopez Obrador and announce plans for the new plant this week.

5. Ant Man movie takes the top spot at the weekend box office

Disney and Marvel’s Ant-Man and the Wasp: Quantumania took the top spot at the weekend box office with $104 million in domestic sales during its opening weekend. Internationally, the film took in $121 million, bringing the total to $225 million. 

Article Sources
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  1. Reuters. “Wall St set for lower open as Walmart, Home Depot forecasts disappoint.”

  2. Meta Platforms. “Testing Meta Verified to Help Creators Establish Their Presence.”

  3. Wall Street Journal. “Google Case Heads to Supreme Court With Powerful Internet Shield Law at Stake.”

  4. Reuters. “Tesla's Musk to hold call with Mexico president, factory announcement imminent.”

  5. CNBC. “Marvel’s ‘Ant-Man and the Wasp: Quantumania’ scores $104 million during domestic debut.”

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