The economy has been in turmoil–to say the least. While the Federal Reserve is probably done raising rates., consumers are complaining at price increases. And now comes news that Walmart’s stock has dropped 8.1 percent.

And, unlike in better economic times, Walmart won’t be open this year on Thanksgiving. “It’s a thing of the past. We’ll again be closed on Thanksgiving,” Walmart U.S. CEO John Furner said in an NBC interview last year.

Walmart saw its shares decline by 8.1 percent on Nov. 16 just a day after reaching an all-time high, Reuters reported. Despite increasing its annual sales and profit forecasts, the retail giant pointed out that U.S. consumers were practicing cautious spending due to inflation.

According to the store’s website, Walmart operates approximately 10,500 stores and clubs in 19 countries as well as eCommerce websites. It employs 2.1 million associates around the world — nearly 1.6 million in the U.S. alone.

During its most recent earnings call, the retail giant said prices could fall in 2024, which would help keep consumers shopping.

“We are more cautious on the consumer than we were 90 days ago,” Chief Financial Officer John David Rainey told Bloomberg.

But it’s not just Walmart.

“Almost uniformly, consumers are pushing back on price,” Gordon Haskett’s Chuck Grom said on Bloomberg’s Surveillance, citing Target Inc. and Macy’s Inc. as among those retailers feeling the pressure.

Sophie Lund-Yates, lead equity Analyst at Hargreaves Lansdown, seemed concerned about the durability of Target’s big rally — the stock soared 18 percent. And, Burberry Group, the maker of premium trench coats, jolted European investors with a sales warning.

“This is obviously the big read this morning,” Lund-Yates said.

Walmart had a rough start on the S&P 500–in fact, Walmart was among the worst early performers on the S&P 500–and Grom cautioned that the stock could face challenges ahead. However, he emphasized that his confidence in the retailer’s prospects is stronger in years.

Bloomberg Surveillance co-hosted Tom Keene pointed out that no one likes to hear the word deflation, even though some experts are speaking about deflation. Morgan Stanley’s Ellen Zentner provided a valuable perspective: Price decreases, even when the term “deflation” is used, can occasionally have positive effects. She doesn’t express concern about the type of widespread deflation that can bring hardship to an economy.

“Goods sectors I’m not worried about at all,” she told Bloomberg. “Goods prices in the US have been in deflation for decades leading up to covid. That’s normal, right? We were importing a lot of deflation. But that’s externally determined.”

She added, “I would be very, very concerned about a deflation scenario in the U.S. for services, for domestically determined prices,” she said.

Pexels screenshot, https://www.pexels.com/video/people-practicing-social-distancing-at-walmart-store-4775515/