Wall Street Retreats, Crude Oil Advances For Third Day
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US stocks dropped back on Thursday as investors assessed minutes from the last Federal Reserve policy meeting as well as a big batch of earnings, including a disappointing outlook from retail giant Walmart.
Fed policymakers flagged worries that President Donald Trump's policy action could refuel inflation in the US in the minutes from the central bank's January meeting.
Along with the Fed minutes, President Trump's tariff threats and the uncertain prospect of a potential deal to halt the war in Ukraine were also keeping investors nervous.
On the data front, US initial jobless claims rose by 5,000 to a seasonally adjusted 219,000 for the week ended February 15, slightly higher than forecasts for 215,000 claims suggesting the labor market remains robust.
At the close in New York, the blue-chip Dow Jones Industrials Average was down 1.0% at 44,176 and the tech-laden Nasdaq Composite fell 0.5% at 19,962. Meanwhile, the broader S&P 500 index shed 0.4% at 6,117, having hit both an all-time high and a record closing peak on Wednesday
Walmart shed 6.5% after the firm said it expects 2026 consolidated annual net sales to increase in the range of 3% to 4%, against analyst estimates for a 4% rise. Other retailers were unsettled by the Walmart warning, with Target losing 2.0%and Costco Wholesale falling 2.6%.
Meanwhile, Carvana slumped 12.1% as analysts flagged a lack of details around the used-car platform's current year outlook that overshadowed strong returns in the fourth quarter.
Birkenstock fell 1.2% after the sandal maker left its annual margin forecast unchanged despite receiving a boost from holiday-season sales.
And Palantir Technologies, which develops software that visualizes army positions, shed 5.2% after the Pentagon announcement on Wednesday that it was looking at potential budget cuts for the fiscal year 2026.
But on the up, Hasbro jumped 13.0% after the toymaker beat quarterly profit and revenue estimates.
Medical device maker Baxter International gained 8.5% after the company provided a better-than-expected 2025 profit forecast.
And life sciences company Repligen, known for its bioprocessing technology, added 7.9% following the release of fourth-quarter earnings and future financial guidance that exceeded analysts' expectations.
Among commodities, oil prices notched up a three-day of gains after data showed a US gasoline and distillate draw down amid worries about supply disruptions in Russia.
US WTI crude gained 0.4% to $72.53 a barrel, while UK Brent crude rose 0.6% to $76.48 a barrel.
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