Stocks Fall on Walmart’s Warning as Big Banks Sink: Markets Wrap
- Walmart profit forecast falls short on economic uncertainty
- Goldman’s Rubner sees correction in stocks amid weaker flows
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Stocks fell from all-time highs as a disappointing forecast from the world’s largest retailer added to concern about the economy’s main engine.
Walmart Inc., the first big-box retailer to report results after the holiday season, sank 6.5%. Its chief financial officer acknowledged “uncertainties related to consumer behavior and global economic and geopolitical conditions.” That’s just days after retail sales signaled an abrupt pullback by consumers. A slide in banks also weighed on trading, with JPMorgan Chase & Co. and Goldman Sachs Group Inc. each falling over 3.8%.