US Stocks Decline Amidst Market Volatility
US stocks fell on Thursday, retreating from record highs, as investors weighed Walmart's cautious outlook and the potential impact of President Trump's planned tariffs and policy changes.
Major Indices
* Dow Jones Industrial Average (^DJI): Down 1.01% or 500 points
* S&P 500 (^GSPC): Down 0.43%
* Nasdaq Composite (^IXIC): Down 0.47%
Key Market Drivers
Walmart's Outlook:
* Walmart reported strong quarterly results but issued a conservative outlook for fiscal year 2025, sending its shares down 6%.
* The guidance raised concerns about the retail sector's health and the potential impact of inflation on consumer spending.
Trump's Tariffs and Policy Shifts:
* President Trump's planned tariffs have raised concerns among businesses, including General Motors.
* His proposed 8% cut in Pentagon spending weighed on shares of Palantir, which declined 6%.
* Investors remain cautious about the potential economic consequences of Trump's policy overhaul.
Other Notable Developments
* Gold prices reached a fresh record high as investors sought safe havens amid geopolitical uncertainty.
* Citi analysts warned that the recent stock market rally could be vulnerable to a correction if Trump's policy changes disrupt the economy.
* Alibaba shares surged 9% after reporting strong revenue growth and AI momentum.
* Consumer discretionary and financial sectors led market declines, while healthcare and energy sectors gained ground.
* CEO confidence reached a 3-year high, indicating optimism among business leaders.