Wall Street is sliding toward losses in premarket trading after Walmart, the nation’s biggest retailer and a bellwether for the health of the American consumer, gave a disappointing 2025 forecast.

The U.S. stock market had one of its worst weeks so far in 2025, weighed down by inflation concerns and weaker-than-expected economic data. The S&P 500 lost over 1.8%, hitting its lowest end since earlier this month.

Wall Street is retreating from its record as a slide for Walmart weighs on U.S. stock indexes Thursday. The S&P 500 was down 0.6% in morning trading after setting all-time highs in each of the last two days.