US stocks fizzle as Wal-Mart falls, China slumps

NEW YORK (AP) - The U.S. stock market shuffled to a slight loss in a lazy day of summer trading Tuesday.

Wal-Mart's shares slid after the retailer cut its profit forecast for the year, while renewed concerns over the strength of China's economy weighed on companies that depend on customers there.

However, the broader market looked aimless. The major indexes headed lower at the opening of trading, turned higher just before lunchtime, then slowly lost ground throughout the afternoon.

The Standard & Poor's 500 index slipped 5.52 points, or 0.3 percent, to close at 2,096.92. The benchmark for most mutual funds has lost just 7 points this month.

The Dow Jones industrial average lost 33.84 points, or 0.2 percent, to end at 17,511.34, and the Nasdaq composite sank 33.35 points, or 0.6 percent, to 5,059.35.

In other trading, Wal-Mart fell 3 percent after warning its annual profit will likely fall short of previous estimates, partly because of a strong dollar. The world's largest retailer also reported a drop in quarterly earnings as it spent more on wages and overhauling U.S. stores. Shares slid $2.43 to $69.48.