US Markets
US stocks declined Thursday after two days of record highs for the S&P 500, as a weak forecast from Walmart raised concerns about the economy.
The Dow Jones Industrial Average dropped 1.01% to 44,176.65. The S&P 500 fell 0.43% to 6,117.52, and the Nasdaq Composite lost 0.47% to 19,962.36.
Walmart slid 6.5% after issuing softer-than-expected guidance for fiscal 2026, overshadowing strong fourth-quarter earnings. Target and Costco each fell about 2%.
Palantir dropped 5.2%, extending its weekly decline past 10%, after reports of potential Pentagon budget cuts and a new stock trading plan for CEO Alex Karp.
The Conference Board’s Leading Economic Index contracted unexpectedly in January, adding to economic concerns. Treasury yields fell, while bank stocks, including Goldman Sachs and Morgan Stanley, declined.
Currency
The yen hit its highest level since early December, outperforming major currencies as speculation grows that the Bank of Japan will raise rates sooner. Overnight index swaps now price an 84% chance of a rate hike by July, up from 70% earlier this month, with a move seen as certain by September.
Australian Markets
Australian shares are poised to open higher despite a broad sell-off in New York. The SPI futures are pointing to 0.2% rise.
Company news
QBE has posted higher net profit and lifted its dividend after lower natural catastrophe claims.
Telix Pharmaceuticals has forecast full-year 2025 revenue of $1.18bn to $1.23bn, driven by strong sales of its prostate cancer imaging agent.
Ramelius Resources reported a half-year net profit of $170.3 million, up 313%. Gold sales reached $506.4 million from 143,032 ounces sold at Mt Magnet and Edna May. The company declared a 3¢ interim dividend.
