Wall Street veered lower before the opening bell Thursday, and oil prices fell more than $2 per barrel as optimism over a possible U.S.-Iran nuclear deal rose, the Associated Press reports. Futures for the S&P 500 and Dow Jones Industrial Average each fell 0.4%, and Nasdaq futures dipped 0.6%.
In equities markets, Walmart shares rose 2.2% after it reported strong sales but a decline in first quarter profit and said it has to raise prices due to higher costs from tariffs. Like many other U.S. companies, Walmart did not issue a profit outlook for the quarter because of the chaotic environment around rapidly changing U.S. trade policy. The company maintained its full-year guidance issued in February.
Foot Locker shares nearly doubled after Dick’s Sporting Goods said it was buying the struggling footwear chain for about $2.4 billion. It’s the second buyout of a major footwear company in as many weeks as business leaders struggle with uncertainty over how President Donald Trump’s tariffs will impact companies that make many of their products overseas.
Last week Skechers announced that it was being taken private by 3G Capital for $9 billion.
Dick’s said Thursday that it expects to run Foot Locker as a standalone unit and keep the Foot Locker brands, which include Kids Foot Locker, Champs Sports, WSS and the Japanese sneaker brand atmos. Foot Locker shares soared more than 80% to $23.57 before the bell. Dick’s fell 8.5%.
U.S. benchmark crude oil lost $2.37 to $60.78 per barrel. Brent crude, the international standard, gave up $2.32 to $63.70 per barrel.
