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US stocks pulled back on Thursday as investors scrutinized Walmart's ( WMT ) outlook and assessed the impact of President Trump's planned tariffs and policy shifts.

The Dow Jones Industrial Average ( ^DJI ) fell roughly 450 points, or around 1%. The S&P 500 ( ^GSPC ) dropped 0.5%, pulling back after its second record close in a row on Wednesday, while the tech-heavy Nasdaq Composite ( ^IXIC ) also lost about 0.5%.

Worries grew about coming headwinds for corporate America after Walmart beat on quarterly profit but issued cautious 2026 fiscal year guidance. Shares of the retail giant tumbled more than 6%. Walmart's decline combined with more roughly 4% drops in Goldman Sachs ( GS ) and JPMorgan ( JPM ) weighed on the Dow.

One looming challenge is Trump's tariffs, which have prompted the likes of General Motors ( GM ) to consider big changes to their business. The latest in his policy overhaul is a planned 8% cut in Pentagon spending , which dragged on Palantir's ( PLTR ) stock down about 5%.

Markets were already warily waiting for Trump's next move, after a clash with Ukraine's president put geopolitical fears front of mind. Gold ( GC=F ) hit a fresh record high as investors lost appetite for risk.