US stocks slumped on Thursday after Walmart's disappointing outlook raised concerns about economic growth. The S&P 500 and Nasdaq 100 retreated from record highs, down 0.4% and 0.5%, respectively, while the Dow Jones Industrial Average dropped 450 points, weighing on Walmart's shares. Despite beating earnings expectations, Walmart's cautious fiscal 2026 guidance sent its shares down 6.5%, dragging down other retailers such as Target (-2%) and Costco (-2.6%). Investor sentiment was further dampened as Palantir slumped 5.3% amid reports of impending Pentagon budget cuts and its CEO's planned sale of new shares. Financial stocks also came under pressure, including Goldman Sachs (-3.8%), JPMorgan Chase (-4.4%) and Morgan Stanley (-4.5%). On the economic data front, weekly jobless claims rose to 219,000, beating estimates of 215,000, while continuing claims increased to 1.869 million, though still indicating a resilient labor market. (Newsmaker23)
Source: Trading Economics
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