Despite recent successes of two of the U.S.'s largest retail chains, CEOs are still issuing warnings about the economy and consumer spending.

Walmart and Target both had mostly good results in their second-quarter earnings reports.

Walmart's comparable sales were up 9.3 percent, driven by food and general merchandise including home improvement, sporting goods, outdoor, and electronics.

Alongside this, revenue rose 5.6 percent to $137.7 billion. This topped analyst estimates, which came in at $135.5 billion.

Get your unlimited Newsweek trial >

The results initially bolstered confidence on Wall Street, sending the stock up 6 percent in premarket trade after the report.

This, however, didn't last long. In presentations to investors, Walmart's management drove home the impact of how government stimulus had supported its business.

More in category

UN diplomacy goes impersonal, but what’s lost along the way?
September 21, 2020AP News
UN diplomacy goes impersonal, but what’s lost along the way?
Drug trafficker facing death sentence escapes jail through sewage pipes
September 21, 2020CNN
Drug trafficker facing death sentence escapes jail through sewage pipes
'I want them to do it': Donald Trump says he welcomes second impeachment over Supreme Court seat
September 21, 2020USA Today
'I want them to do it': Donald Trump says he welcomes second impeachment over Supreme Court seat
Wrongful death suit filed in shooting of Black restaurant owner
September 21, 2020CBS
Wrongful death suit filed in shooting of Black restaurant owner
Clean-up efforts begin at illegal dumpsite in San Jose
September 21, 2020KRON4
Clean-up efforts begin at illegal dumpsite in San Jose
Snowbirds debate winter plans as temperatures drop and COVID-19 cases rise
September 21, 2020CTV News
Snowbirds debate winter plans as temperatures drop and COVID-19 cases rise
New England Patriots owner Robert Kraft appears to be victorious in solicitation case in Florida
September 21, 2020CNN
New England Patriots owner Robert Kraft appears to be victorious in solicitation case in Florida
6 Louisville police officers are under internal investigation for their roles in fatal Breonna Taylor shooting
September 21, 2020USA Today
6 Louisville police officers are under internal investigation for their roles in fatal Breonna Taylor shooting
Trump: ‘I’m so angry at Republicans’
September 21, 2020Politico
Trump: ‘I’m so angry at Republicans’
The Memo: Dems face balancing act on SCOTUS fight
September 21, 2020The Hill
The Memo: Dems face balancing act on SCOTUS fight
Manhattan DA seeking Trump's taxes cites 'mountain' of allegations
September 21, 2020CTV News
Manhattan DA seeking Trump's taxes cites 'mountain' of allegations
NFL examines MetLife Stadium turf after 49ers suffer multiple injuries
September 21, 2020KRON4
NFL examines MetLife Stadium turf after 49ers suffer multiple injuries
Longtime ally to Trump’s postal chief was paid by RNC
September 21, 2020AP News
Longtime ally to Trump’s postal chief was paid by RNC
Police release footage after officers shoot 13-year-old boy
September 21, 2020AP News
Police release footage after officers shoot 13-year-old boy
Former Wisconsin police chief to review Jacob Blake shooting
September 21, 2020ABC News
Former Wisconsin police chief to review Jacob Blake shooting
Opinion: Wildfires will only get worse unless we force businesses to make these changes
September 21, 2020CNN
Opinion: Wildfires will only get worse unless we force businesses to make these changes
Trump would prefer vote on Supreme Court nominee before election
September 21, 2020CBS
Trump would prefer vote on Supreme Court nominee before election
49ers DE Nick Bosa to miss rest of season, MRI confirms torn ACL
September 21, 2020KRON4
49ers DE Nick Bosa to miss rest of season, MRI confirms torn ACL
49ers: Kyle Shanahan isn’t ruling out QB Jimmy Garoppolo for Week 3
September 21, 2020KRON4
49ers: Kyle Shanahan isn’t ruling out QB Jimmy Garoppolo for Week 3
Grassley, Ernst pledge to 'evaluate' Trump's Supreme Court nominee
September 21, 2020The Hill
Grassley, Ernst pledge to 'evaluate' Trump's Supreme Court nominee
Trump supporters boo Ohio governor at rally
September 21, 2020The Hill
Trump supporters boo Ohio governor at rally