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Stock futures were wavering early Friday after dropping on Thursday. Earnings from Walmart, which competes with Amazon as the country’s biggest retailer, have cast a pall over the outlook for consumer spending—the biggest part of the economy.
Even though Walmart posted solid earnings, its guidance for the rest of the year was a bit softer than Wall Street had hoped for. Retail stocks and financials brought the overall market lower.
The question now is whether stocks can bounce back. After all, the Walmart report wasn’t that bad, even if the market reaction shows how traders can react to valuations when they’re getting a bit stretched. Nevertheless, the market has shrugged off repeated scares about President Donald Trump’s tariffs, a fragile peace plan for Ukraine, and the prospect that the Federal Reserve will refrain from delivering any more interest-rate cuts for an extended period.
The S&P’s bull run is slowing down compared with this time last year. It hit its third record close of 2025 on Wednesday. By this time in 2024, it had closed at a record 11 times, according to Dow Jones Market Data.
Futures for the Dow Jones Industrial Average fell 195 points, or 0.4%, before the market opened. Contracts tied to the S&P 500 were up 0.1%, while those tied to the technology-heavy Nasdaq were rising 0.4%.
Economic data could make an impact Friday. Reports on home sales and consumer sentiment are due. Fed Vice Chair Philip Jefferson and San Francisco Fed President Mary Daly will also speak.
Bond yields were slightly lower. The 10-year Treasury yield was at 4.484% compared with 4.527% yesterday. The two-year yield was at 4.264%.
