Walmart on Thursday forecast sales and profit for the fiscal year ending January 2026 below Wall Street estimates, suggesting the world’s largest retailer expects inflation-weary consumers to pull back after several quarters of solid growth.

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%.