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. The Dow Jones Industrial Average was down 439 points, or 1%, as of 10:30 a.m. Eastern time, and the Nasdaq composite was 0.7% lower.

Walmart helped drive the market lower after falling 6.2%, even though the retailer reported stronger profit for the latest quarter than analysts expected. The Bentonville, Arkansas-based giant gave a forecast for upcoming profit that fell short of analysts’ expectations as shoppers across the country deal with still-high inflation and the threat of tariffs from President Donald Trump.

The weaker-than-expected forecast helped pull stocks lower across the retail industry. Costco fell 2.1%, Target slipped 1.2% and Amazon lost 1.3%.

Palantir Technologies was another heavy weight on the market. It fell 10% to follow its 10.1% drop from the day before, after U.S. Defense Secretary Pete Hegseth said he wants to cut $50 billion in spending next year. The software company got 55% of its $2.9 billion in revenue last year from government customers.

They helped offset an 8.5% jump for Baxter International, which reported better profit for the latest quarter than analysts expected. It credited strength for its pharmaceuticals business, as well as for its medical products and therapies.