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.

Microsoft was the strongest force pushing the S&P 500 upward. It rose 1.3% after saying it had developed what it calls the world’s first “quantum processing unit,” which cou