11:45 AM EST, 02/20/2025 (MT Newswires) -- All three major US stock indexes were down in late-morning trading Thursday as concerns over the state of the economy and some weak earnings reports weighed on markets.

In company news, Walmart ( WMT ) reported fiscal Q4 adjusted earnings Thursday of $0.66 per diluted share, up from $0.60 a year earlier and above the consensus estimate of analysts polled by FactSet of $0.65. Fiscal Q4 revenue was $180.55 billion, up from $173.39 billion in the year-ago period and slightly above the FactSet consensus estimate of $180.07 billion. For fiscal Q1, the company said it expects adjusted EPS in the range of $0.57 to $0.58, below the FactSet consensus of $0.64. For fiscal 2026, Walmart ( WMT ) said it expects adjusted EPS of $2.50 to $2.60, compared to the FactSet estimate of $2.77. Walmart ( WMT ) shares were down 6.3% around midday.

Defense contractor Palantir Technologies ( PLTR ) shares were down Thursday after news outlets reported Wednesday that Defense Secretary Peter Hegseth has commanded Pentagon officials to craft plans to reduce the defense budget by 8% per year over the next five years. Palantir ( PLTR ) shares were down 10%.

Alibaba Group ( BABA ) reported fiscal Q3 non-GAAP earnings Thursday of 21.39 Chinese renminbi ($2.93) per diluted American depositary share, up from 18.97 renminbi a year earlier and above the FactSet consensus analyst estimate of $19.47 renminbi. Fiscal Q3 revenue was 280.15 billion renminbi, up from 260.35 billion renminbi in the year-ago period and above the FactSet estimate of 278.49 billion renminbi. Alibaba ( BABA ) shares were up 7.8%.

Shares of cruise operators fell Thursday after Commerce Secretary Howard Lutnick said late Wednesday on Fox News they could start paying taxes under the Trump administration's External Revenue Service program. Shares of Royal Caribbean Cruises ( RCL ) , Carnival (CCL), Norwegian Cruise Line ( NCLH ) and Viking (VIK) were down 8.5%, 7.3%, 6.7% and 4.3%, respectively.

Apple ( AAPL ) Chief Executive Tim Cook met with President Donald Trump late Thursday morning, Fox Business White House correspondent said in a post on X, citing a source familiar with the meeting. Apple ( AAPL ) shares were up 0.4%.

Price: 97.31, Change: -6.69, Percent Change: -6.43