Stocks tumble as Walmart sales growth forecast disappoints
Stocks tumbled from all-time highs Thursday in the wake of Walmart projecting a lower-than-expected sales outlook.
Stocks tumbled from all-time highs Thursday in the wake of Walmart projecting a lower-than-expected sales outlook.
The Dow Jones Industrial Average fell 450 points, or 1%. The S&P 500 declined 0.4%. The tech-heavy Nasdaq lost 0.5%.
Bank stocks also fell significantly, with JPMorgan Chase and Goldman Sachs also closing down about 4%.
Prior to the market open, Walmart reported fourth-quarter earnings of 66 cents per share.
While that exceeded Wall Street estimates, it was the company’s forward guidance for the fiscal year that left investors upset. Management said net sales would grow 3-4% for the upcoming year, disappointing analysts who were hoping for a figure closer to 5%.
Rating: 5