04:58 PM EST, 02/20/2025 (MT Newswires) -- US benchmark equity indexes closed lower Thursday, with the S&P 500 retreating from Wednesday's record level as markets evaluated the latest corporate results, including a weak outlook from Walmart ( WMT ) .

The S&P 500 lost 0.4% to 6,117.5. The Dow Jones Industrial Average dropped 1% to 44,176.7, while the Nasdaq Composite fell 0.5% to 19,962.4. Among sectors, financials saw the steepest decline, while energy led the gainers.

In company news, Walmart ( WMT ) shares declined 6.5%, the worst performer on the Dow and among the worst on the S&P 500. The retail giant issued a full-year earnings outlook below market estimates amid uncertain consumer behavior and geopolitical conditions.

EPAM Systems ( EPAM ) saw the steepest decline on the S&P 500, down nearly 13%, after the company issued a downbeat quarterly and annual earnings guidance.

Hasbro ( HAS ) logged a surprise increase in fourth-quarter profit and outlined a medium-term strategy, including targeting $1 billion of cost savings. The toymaker's shares surged 13%, the best S&P 500 performer.

Shake Shack ( SHAK ) shares jumped 11% after the burger chain reported in-line sales despite taking a hit from the Los Angeles wildfires, while guiding for double-digit top-line growth this year.

The 10-year US Treasury yield fell three basis points to 4.51%, while the two-year rate was little changed at 4.27%.

In economic news, applications for unemployment insurance in the US rose more than expected last week, while continuing claims largely matched Wall Street's expectations, government data showed.

"Taken together, the claims data are consistent with a labor market that can withstand a (Federal Reserve) on hold as it assesses progress on inflation," Oxford Economics said.

Manufacturing activity in the US Mid-Atlantic region slid this month, but remained in expansion territory, a Philadelphia Fed survey showed.

Atlanta Fed President Raphael Bostic said area businesses are concerned that tariffs will increase costs as they're prepared to raise prices for consumers to mitigate the impact. They also expressed concern that mass deportations in the US could reduce labor supply, particularly in home construction and leisure and hospitality, he said.

"In recent weeks, we've heard not only enthusiasm -- particularly from banks, about possible shifts in tax and regulatory policies -- but also widespread apprehension about future trade and immigration policy," Bostic wrote in an essay. "These crosscurrents inject still more complexity into policymaking."

West Texas Intermediate crude oil rose 0.4% to $72.53 a barrel Thursday. "Supply uncertainty continues to support the oil market," ING Bank said.

Commercial crude stockpiles in the US jumped more than projected last week even as distillate fuel and propane inventories fell, government data showed Thursday.

Gold rose 0.6% to $2,954.80 per troy ounce, while silver added 1.2% to $33.43 per ounce.