Walmart’s conservative sales outlook doesn’t send an upbeat message about the consumer at a time when ongoing inflation and tariff threats have led to concerns about spending.

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.

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.