The S&P 500 retreated from recent record highs, declining by 0.4% on Thursday. The Dow Jones Industrial Average fell by 1.0%, and the Nasdaq dropped by 0.5%. Walmart shares plummeted by 6.5% after projecting slower revenue growth than anticipated, impacting competitors Amazon and Target negatively.
Software engineering firm Epam Systems experienced the most significant drop in the S&P 500, with shares falling 12.8% despite better-than-expected quarterly results. However, its weak guidance for future earnings raised concerns about growth potential. Law enforcement equipment provider Axon Enterprises saw an 8.7% decline following an analyst ratings downgrade.
Royal Caribbean Cruises fell by 7.6%, with other cruise lines also affected by comments from newly confirmed Commerce Secretary Howard Lutnick regarding potential U.S. taxes on passenger boats. Carnival and Norwegian Cruise Lines dropped by nearly 5.9% and 4.9%, respectively.
Hasbro emerged as the S&P 500’s top gainer, with shares rising 13.0% after the toy maker reported better-than-expected quarterly results and projected a modest revenue increase for 2025, focusing more on online fan engagement.
— news from Investopedia