After hitting record highs over the past two sessions, the S&P 500 stepped back Thursday.
The S&P 500 declined by 0.4%, while the Dow Jones Industrial Average fell by 1.0% and the Nasdaq moved lower by 0.5%.
Walmart (WMT) shares dropped by 6.5% after the retailer projected slower revenue growth than analysts expected. Shares of competitors Amazon (AMZN) and Target (TGT) also moved lower.
However, Walmart didn’t experience the biggest decline of the S&P 500. Software engineering firm Epam Systems (EPAM) shares fell 12.8% after its earnings report also included weak guidance. Like Walmart, the Pennsylvania-based firm reported quarterly financials that were better than expected. Still, its quarterly and full-year outlook for earnings per share fell short of estimates, raising questions about the company’s growth potential.
Law enforcement equipment firm Axon Enterprises (AXON) dropped 8.7% as the Taser maker fell for the second straight session following an analyst ratings downgrade.
Royal Caribbean Cruises (RCL…