Stocks fell broadly on Thursday, with the S&P 500 down 0.4%, sliding for a fifth straight session as investors turned their focus to Fed Chair Powell's upcoming speech at Jackson Hole. The Dow Jones dropped 150 points, while the Nasdaq lost 0.5% amid ongoing weakness in big tech.
Walmart weighed on markets after its shares slipped over 4% despite raising its full-year sales and profit outlook, as its quarterly earnings missed expectations for the first time since 2022. The disappointing results, combined with cautious signals from other major retailers, underscored consumer uncertainty amid higher tariffs and mixed spending trends.
Meanwhile, jobless claims came in hotter than expected, while S&P Global's composite PMI showed business activity accelerating to its strongest pace in three years, reflecting a mixed economic picture. Traders are now awaiting Powell's remarks on Friday for clarity on whether a rate cut is likely in September, with futures markets pricing in a 73% chance.
Source: Trading Economi
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