Tech Stocks Tumble as Market Sentiment Dampens After Walmart's Forecast

U.S. stock index futures fell after a three-day winning streak due to slumps in heavyweight tech stocks and Walmart's cautious forecast. The Federal Reserve minutes indicated divided views on future rate adjustments. In earnings news, DoorDash and eBay soared on upbeat forecasts, while Carvana and tech shares lagged.

U.S. stock index futures experienced a decline on Thursday, ending a three-day winning streak for the S&P 500, as heavyweight tech stocks faltered and Walmart's cautious forecast dampened investor sentiment. Walmart, the first U.S. retailer to surpass a $1 trillion market value, saw its shares drop 3% in premarket trading after predicting annual sales and profit below Wall Street expectations.

Tech giants like Apple, Nvidia, and Meta Platforms, which had surged in the prior session along with other key U.S. indexes, traded lower as market nerves over artificial intelligence resurfaced. Concerns continue to mount regarding high valuations and the limited revenue and profit growth from substantial AI investments. Various sectors, from software to trucking, are wary of the disruptive potential of rapid AI advancements.

The Federal Reserve's latest meeting minutes highlighted a unified stance on maintaining current interest rates but revealed differing opinions on future rate paths if inflation persists. Upcoming economic indicators and scheduled speeches by Federal Reserve officials will likely provide further market direction.

(With inputs from agencies.)