Wall Street retreated from its record on Thursday after a sharp slide for Walmart weighed on US stock indexes.
- The S&P 500 fell 26.63 points, or 0.4%, to 6,117.52 after setting all-time highs in each of the last two days.
- The Dow fell 450.94 points, or 1%, to 44,176.65.
- The Nasdaq composite fell 93.89 points, or 0.5%, to 19,962.36.
Walmart gave a forecast for upcoming profit that fell short of analysts' expectations, which helped pull down stocks across the retail industry, the
AP reports.
Walmart, which fell 6.5%, is still forecasting growth in revenue for this upcoming year and said it has experience in navigating the effects of tariffs. Costco fell 2.6%, Target slipped 2%, and Amazon lost 1.7%. Palantir Technologies was another heavy weight on the market. It fell 5.2% to follow its 10.1% drop from the day before, after Defense Secretary Pete Hegseth said he wants to cut $50 billion in spending next year. The software company got 55% of its $2.9 billion in revenue last year from government customers. Cruise stocks fell after Commerce Secretary Howard Lutnick said there would be a crackdown on how the industry is taxed.
On the winning side, Baxter International jumped 8.5% after reporting better profit for the latest quarter than analysts expected. It credited strength for its pharmaceuticals business, as well as for its medical products and therapies. Burger chain Shake Shack rallied 11.2% after likewise reporting a stronger profit than expected. CEO Rob Lynch said sales trends remained solid during the quarter, even though bad weather around the country and wildfires in the Los Angeles area kept some customers away.
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