Walmart Inc. reported increases in second-quarter profits and sales Thursday as it pulls in shoppers seeking low prices for groceries and other essentials to offset worries that new U.S. tariffs may make a variety of goods more expensive.

Shares of Dow component Walmart Inc. dropped 2.9% in premarket trading Thursday, after the discount retail behemoth [missed fiscal second-quarter profit expectations](

The Bentonville, Ark.-based firm posted adjusted earnings per share of $0.68, below the $0.73 expectation of analysts surveyed by Visible Alpha. Revenue increased nearly 5% year-over-year to $177.40 billion, ahead of the $175.97 billion consensus.

Walmart Inc. shares fell after profit missed expectations for the first time in three years, overshadowing higher sales.

Walmart on Thursday raised its fiscal year sales and profit forecast, driven by strong demand from shoppers across all income levels, who have turned to the world's largest retailer as they worry about rising costs.

The $100 level acted as support earlier in August. But since February, $100 has been a pretty strong resistance level. Now that WMT stock is below it once more, it is a worrying sign. Shares of Walmart rarely go on sale unless the market perceives a macro shock.

Stocks opened lower Thursday, under pressure after a larger-than-expected rise in first-time unemployment claims and disappointing results from Walmart that saw the retail behemoth and Dow component miss Wall Street profit expectations.

The key metric of comparable sales for Walmart in the U.S. ticked up 4.6% year over year, meaning overall sales growth is largely organic and not just driven by opening new stores. While some investors were spooked,