At 9:55 a.m. Eastern, the S&P 500 index was down 0.6 percent. The Nasdaq Composite declined 1 percent, significantly greater than the 0.4 percent decline experienced.

Walmart shares fell by nearly 9% after the retail behemoth lowered its profit projection for the second quarter and the entire year, claiming rising food and gas prices

The unusual profit warning from Walmart has caused concerns about how the retail industry as a whole is being impacted by the biggest inflation in 40 years.

Following Walmart's announcement, the stocks of other significant chains, such as Target, Macy's, and Kohl's, decreased.

After the automaker's second-quarter profit dropped 40% from the prior year due to a scarcity of computer chips and parts, shares of General Motors were also sliding rapidly

From April through June, the Detroit carmaker made $1.67 billion, a significant decrease from the $2.79 billion it made the previous year.

The Federal Reserve, which is anticipated to announce a rate increase of up to three-quarters of a percentage point on Wednesday