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Walmart boosts outlook for 2024 with bargains proving a powerful lure for the inflation weary

Walmart had another quarter of strong sales that topped almost all expectations with its comparatively low prices proving a powerful draw for millions who have struggled with rising costs for housing, groceries and almost everything else. Walmart Inc. reported earnings of $4.5 billion, or 56 cents per share, in the three months ended July 31. Adjusted per share earnings were 67 cents, or 2 cents better than Wall Street had expected, according to FactSet.

Oil prices up on hopes of US rate cuts boosting fuel demand

(Reuters) -Oil prices rose on Thursday, supported by optimism that potential U.S. interest rate cuts will boost economic activity and fuel consumption though concerns over slower global demand curbed gains. Both benchmarks fell more than 1% on Wednesday after U.S. crude inventories rose unexpectedly and on easing worries about a wider Middle East conflict. U.S. consumer prices rose moderately in July and the annual increase in inflation slowed to below 3% for the first time in nearly 3-1/2 years, reinforcing expectations the Federal Reserve will cut interest rates next month.