In a bid to rival e-commerce giant Amazon, Walmart Inc. and Target Corp. have unveiled their highly anticipated summer sale events. However, their stock prices have taken a hit on Tuesday as both companies gear up for the competition.

Walmart has announced its largest savings event called "Walmart Deals," set to take place from July 8 to July 11. Customers will have the opportunity to shop for thousands of deals on popular items, ranging from electronics and home goods to toys and travel essentials. The sale is especially targeted toward back-to-school shoppers. Walmart+ members, the retailer's exclusive membership program, will enjoy an extra advantage with early access to the best deals, five hours before other shoppers. The savings event will be available both on Walmart's website and app.

Meanwhile, Target will be hosting its renowned sale event, Target Circle Week, from July 7 to July 13. Exclusive savings on summer essentials and back-to-school items will be offered to members of Target Circle, the company's free loyalty program. The event promises personalized bonuses and significant discounts on top summer products. Target has recently announced price reductions on 1,500 frequently purchased items and plans to lower prices on around 3,500 more throughout the summer.

It is important to note that Amazon has also entered the summer sale competition with its Prime Day event scheduled for July 16 and July 17. Prime members will gain access to millions of exclusive deals across 35 categories, including electronics, kitchen supplies, beauty products, and apparel. Additionally, Prime members can request invitations to exclusive, invite-only deals.

Despite the fierce competition, Amazon's stock is trading higher on Tuesday. Walmart's stock price has taken a 2.34% dip, trading at $67.29, while Target's stock is down by 1.83% at $146.96. The stock market seems to be reacting to the intensifying rivalry between these retail giants as they aim to capture the attention of online shoppers during the summer season.

As the battle for consumer dominance heats up in the online retail market, customers can expect enticing deals and discounts from Walmart, Target, and Amazon. It remains to be seen which retailer will emerge as the winner in this summer sale bonanza.