Market Turmoil Sparks Steep Declines Amid Tariff Tensions and Walmart Woes

U.S. stocks tumbled Thursday due to tariff tensions and a disappointing Walmart forecast. Dow fell 1.01% as investor risk appetite weakened. Gold hit a record high, reflecting market unease. Concerns over consumer spending and tariffs impacted major retailers, while U.S. economic data indicated current stability.

The U.S. stock market faced a significant selloff on Thursday as persistent tariff tensions and a gloomy forecast from retail giant Walmart eroded investor confidence, pulling all three major indexes into negative territory. The Dow suffered the heaviest blow, shedding 1.01% of its value.

Amid the market turmoil, gold prices surged to a record high, marking a flight to safety as uncertainties mounted. Walmart's sales and profit forecasts for the current fiscal year lagged behind analyst expectations, underscoring potential challenges to consumer demand and economic health.

These developments occurred alongside further tariff announcements affecting sectors like lumber, autos, semiconductors, and pharmaceuticals, adding to market volatility. Despite stable U.S. economic indicators, concerns over labor market disruptions linger, particularly following significant federal employee layoffs.

(With inputs from agencies.)