United States stocks fell sharply on Thursday, with the S&P 500 slipping from record highs as Walmart’s weaker-than-expected forecast stoked concerns about corporate earnings and economic growth.
The Dow Jones Industrial Average slid 450.9 points, or 1% to 44,176.7, the S&P 500 lost 26.6 points or 0.4% to 6,117.5, and the Nasdaq Composite dipped 93.9 points or 0.5% to 19,962.4.
Retail giant Walmart led the decline, sinking 6.5% after issuing a fiscal 2026 earnings forecast that fell short of analyst expectations.
The cautious outlook pressured other retail stocks, with Target and Urban Outfitters falling 2% apiece, while Costco dipped 2.6%.
Financial companies fell across the board, with JP Morgan Chase and Morgan Stanley down 4.5% apiece, Goldman Sachs declining 3.9% and Citigroup down 3.1%.
Economic worries further rattled markets after The Conference Board’s Leading Economic Index unexpectedly declined in January, raising fears of a slowdown.
Meanwhile, initial U.S. jobless claims rose to 219,000 last week, slightly above expectations of 215,000.
On the bond markets, 10-year and 2-year rates were at 4.507% and 4.272% respectively.
