U.S. stock futures pointed to a weaker open on Thursday as Walmart’s disappointing quarterly results weighed on retail shares and rising Treasury yields pressured broader markets.
Walmart’s U.S. sales missed expectations in the second quarter, with pressure from pharmaceutical pricing weighing on profitability. The stock fell 6% in pre-market trading, dragging down peers including Costco, TJX and Home Depot. The Dow Jones Industrial Average was forecast to drop 0.7% to 53,080 points, while the Nasdaq 100 was expected to decline 0.8% to 29,180, according to broker IG.
The rise in benchmark Treasury yields and higher oil prices added to the negative sentiment, offsetting gains in some sectors. Agricultural equipment maker Deere & Co bucked the trend, posting quarterly results that topped estimates and forecasting a strong 2027 for the U.S. farm sector. Its stock rose nearly 4%.
Cosmetics group Coty reported quarterly earnings but provided no annual guidance, calling the current fiscal year a transitional period. Shares slumped 16% following the announcement.
Cryptocurrency-linked trading platforms gained ground as digital asset prices climbed. Robinhood Markets, Coinbase and Strategy each rose between 4% and 9% in pre-market trading.
