Wall Street ends lower weighed by weak Walmart guidance
U.S. stocks sold off on Thursday with the Dow dropping 1%, and the S&P 500 and Nasdaq both shedding just under half a percent.
In a nationwide protest against the new U.S. administration under President Donald Trump — whose policies, largely influenced by Elon Musk, the Director of the Department of Government Efficiency, have sparked controversy — residents across the country have planned an economic blackout for Friday.
The call to action has been circulating on social media for weeks, urging consumers to avoid making purchases at major retailers that day.
The boycott targets businesses such as gas stations, Amazon and Target, which recently disbanded its DEI initiatives. (Supporters are encouraged to continue to shop and dine at local businesses.)
The idea of the boycott originated with a grassroots organization called the People Union’s USA, according to CBS News.
“We are not a political party. We are not a protest,” the website states. “We are a movement of people, unionizing to take back control of our economy, government and future of our country.”
The movement urges consumers to avoid spending at major retailers and fast-food chains for 24 hours, particularly those that have changed their DEI policies in response to Trump’s executive orders dismantling such initiatives. However, the protest is not limited to these businesses.
It has since expanded to target all corporations — including those that continue to support DEI efforts — in a broader attempt to disrupt the economy.
“For our entire lives, they have told us we have no choice … that we have to accept these insane prices, the corporate greed, the billionaire tax breaks, all while we struggle to just to get by,” the organization’s founder John Schwarz said in a video posted to his Instagram account. “Feb. 28, the 24-hour economic blackout: no Amazon, no Walmart, no fast food, no gas, not a single unnecessary dollar spent … for one day, we are going to finally turn the tables.”
The all-consumer blackout is planned for Friday, Feb. 28.
There are several additional boycotts planned throughout the next couple of months, including:
A second consumer blackout is planned for Friday, April 18.
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