Wall Street ends lower as weak Walmart guidance prompts consumer demand worries
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U.S. stocks sold off on Thursday as ongoing tariff jitters and a downbeat forecast from Walmart dampened investor risk appetite. A broad selloff pulled all three major U.S. stock indexes into negative territory, with the blue-chip Dow suffering the steepest loss. The S&P 500 snapped its two-day string of all-time closing highs. Gold prices surged to a record high, suggesting a flight to safety amid mounting uncertainties. Walmart, the world's largest retailer, provided current fiscal year sales and profit forecasts that fell shy of analysts' expectations, which suggested dampening consumer demand. "With the consumer driving 70% of the U.S. economy (Walmart's) weak guidance gave rise to some nervousness, regarding the health of the consumer and potential consumer spending going forward," said Robert Pavlik, senior portfolio manager at Dakota Wealth in Fairfield, Connecticut. "That led to maybe some selling...