Stock market today: Dow slides 450 points, S&P 500 retreats from record as Walmart gives cautious outlook

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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