The downgrade of JPMorgan (NYSE:JPM) on Wal-Mart (NYSE:WMT) continues to weigh on the Dow, which dropped by 16 points, or 0.1%, to 12,257.
JPMorgan said made their downgrade decision on seeing no short-term catalysts for the giant retailer.
The giant bank cut Wal-Mart from "Overweight" to "Neutral."
Wal-Mart was trading at $54.97, falling $0.72, or 1.29 percent, as of 1:14 PM EST.
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