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US stocks pulled back on Thursday as investors scrutinized Walmart’s (WMT) outlook and assessed the impact of President Trump’s planned tariffs and policy shifts.
The Dow Jones Industrial Average (^DJI) fell roughly 450 points, or around 1%. The S&P 500 (^GSPC) dropped 0.5%, pulling back after its second record close in a row on Wednesday, while the tech-heavy Nasdaq Composite (^IXIC) also lost about 0.5%.
Worries grew about coming headwinds for corporate America after Walmart beat on quarterly profit but issued cautious 2026 fiscal year guidance. Shares of the retail giant tumbled more than 6%. Walmart’s decline combined with more roughly 4% drops in Goldman Sachs (GS) and JPMorgan (JPM) weighed on the Dow.
One looming challenge is Trump’s tariffs, which have prompted the likes of General Motors (GM) to consider big changes to their business. The latest in his policy overhaul is a planned 8% cut in Pentagon spending, which dragged on Palantir’s (PLTR) stock down about 5%.
Markets were already warily waiting for Trump’s next move, after a clash with Ukraine’s president put geopolitical fears front of mind. Gold (GC=F) hit a fresh record high as investors lost appetite for risk.
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