Key Takeaways
- U.S. equities dropped at midday on Walmart’s outlook and a surprising report on economic indicators.
- Walmart gave full-year guidance that missed forecasts.
- Hasbro’s outlook and plan to increase revenue lifted shares of the toymaker.
U.S. equities slumped at midday on concern about retail sales and a report showing a surprising drop in key economic indicators. The Dow Jones Industrial Average slid 1%, and the S&P 500 and Nasdaq also dropped.
Walmart (WMT) was the biggest decliner in the Dow as the biggest brick-and-mortar retailer gave weaker-than-expected guidance. The news sent shares of Amazon (AMZN), Target (TGT), and other retailers lower.
Shares of Palantir Technologies (PLTR) continued their decline on worries the Trump administration’s plans to slash defense spending will hurt sales of the software platform provider.
Royal Caribbean (RCL) and rival cruise line shares were down following comments from new Commerce Secretary Howard Lutnick that they would have to start paying U.S. taxes.
Hasbro (HAS) shares jumped when the toymaker raised its outlook and outlined a new strategy to boost sales.
An increase in sales of salty snack products boosted profit at Utz Brands (UTZ), and shares gained.
Baxter International (BAX) shares rose as the medical device maker reported the impact of Hurricane Helene on its North Carolina plant operations wasn’t as bad as initially thought.
Oil and gold futures were higher. The yield on the 10-year Treasury note fell. The U.S. dollar lost ground to the euro, pound, and yen. Prices for most major cryptocurrencies were higher.
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