China weighs on stocks; Pay raises hit Walmart profit; Trump tackles Zuckerberg on immigration

Wall Street has a China problem...again. Stocks (^GSPC) are under pressure on concerns about China's economy and what the country's leaders are doing to address it, which led to a 6% decline in the Shanghai stock market (000001.SS).

However, Yahoo Finance Senior Columnist Michael Santoli doesn't expect investors here to be too stressed out about the latest worries coming from Beijing.

"The pattern has held that the U.S. market reaction to the violent moves in the Chinese stock market have been relatively muted," he notes. "So yes, we're paying attention, it is somewhat of a negative influence, but nobody feels as if we have to match the moves over there dollar for dollar."

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Walmart warning

Here are some of the stocks the Yahoo Finance team will be watching for you today on a day when retail earnings are dominating the headlines.

Walmart (WMT) The world's biggest brick and mortar seller is reporting less than expected profit in the second quarter, while revenue beat. More importantly, Walmart is cutting its full-year earnings forecast...and says the current quarter will come in soft as well. The retailer saying its decision to increase wages for employees-- along with lower pharmacy reimbursements and the strong dollar-- will weigh on future results.

Home Depot (HD) The biggest home improvement chain met earnings estimates in the quarter...and revenue came in better than expected. Home Depot's overall sales at stores open at least a year jumped 4.2%, topping analysts' estimates, and they were up a whopping 5.7% percent here in the U.S. The company is also raising its full year profit and sales forecasts.

Dick's Sporting Goods (DKS) The sporting goods retailer topped profit estimates...while revenue came in a bit below in the period. Dick's points to strong sales in newly-opened locations and an increase in online revenue.

Urban Outfitters (URBN) The specialty retailer beat estimates on the bottom line but fell short on the top line in the period. Analysts were disappointed in the 4% increase in sales at stores open at least a year. In addition, Urban Outfitters says its results were hurt by higher costs primarily related to increased marketing and technology expenses.

Chiasma (CHMA) The bio-pharma firm reports the Food and Drug Administration has accepted its application for a new drug to treat a rare pituitary gland disorder that causes abnormal growth in hands and feet.

Shell gets OK to drill in Alaska

It's "Drill, baby drill" in Sarah Palin's home state. After years of battles with environmental groups, Royal Dutch Shell (RDS-A) has been given final approval by the government to drill an exploratory well for oil and natural gas in the Arctic Ocean near Alaska.

Third time’s a charm? Petco is going public …. again. The pet supplies store with over 1,400 stores is filing for an IPO, the third time in its history. The company was taken private back in 2006.

Donald Trump is taking on immigration reform, and one of his targets is Facebook (FB) CEO Mark Zuckerberg. Zuckerberg has called for making more H-1B visas available to tech companies so they can hire foreign skilled workers. Trump, on the other hand, wants to reduce the number of H-1B tech workers, writing

"This will improve the number of black, Hispanic and female workers in Silicon Valley who have been passed over in favor of the H-1B program. Mark Zuckerberg's personal Senator, Marco Rubio, has a bill to triple H-1Bs that would decimate women and minorities"

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