Stocks tumbled from all-time highs Thursday in the wake of Walmart projecting a lower-than-expected sales outlook. The Dow Jones Industrial Average fell 450 points, or 1%. The S&P 500 declined 0.4%. The tech-heavy Nasdaq lost 0.5%. Bank stocks also fell significantly, with JPMorgan Chase and Goldman Sachs also closing down about 4%.

Walmart delivered another year of strong sales and profits, but executives expressed caution about an uncertain economic landscape.

The retail giant continues to attract shoppers from across the income spectrum, but faces headwinds from stubborn inflation and the risk of tariffs.

The retailer posted strong sales during the holiday quarter as shoppers looked for discounts on groceries and other items.

The company’s earnings forecast for the fiscal year fell below analysts’ expectations. Walmart on Thursday forecast sales and profit for the fiscal year ending January 2026 below Wall Street estimates,