A sharp slide for Walmart on Thursday helped pull Wall Street off of its record. The S&P 500 slipped 0.4% for its first drop after setting all-time highs in each of the last two days. The Dow Jones Industrial Average lost 450 points,

Wall Street is sliding toward losses in premarket trading after Walmart, the nation’s biggest retailer and a bellwether for the health of the American consumer, gave a disappointing 2025 forecast.

Walmart delivered another year of strong sales and profits, but executives expressed caution about an uncertain economic landscape.