Walmart shares drop after reporting the weakest U.S. same-store sales in six years and issuing lower guidance.
Dow Jones futures declined slightly early Thursday, mirroring losses in S&P 500 and Nasdaq futures. The drop follows Walmart’s earnings beat, which was overshadowed by its weakest U.S. same-store sales in six years and reduced guidance, dragging its stock lower.
Oil prices continued to rise, while Bitcoin also gained ground. Earlier, the stock market edged higher Wednesday as a Treasury move pushed long-term bond yields and the dollar lower. Biotech and pharmaceutical stocks rallied on positive cancer vaccine news from Moderna and Merck.
Walmart’s same-store sales growth slowed to its lowest level since 2020, signaling softening consumer demand. The company’s cautious outlook weighed on retail stocks, offsetting its earnings beat.