Global stock markets mostly fell on Thursday and gold hit a record high as traders fretted over the impact of US President Donald Trump's tariffs and a pivot in Washington's policy on Ukraine.

Wall Street indices fell after retail behemoth Walmart issued a lackluster forecast. Shares of Citigroup, Goldman Sachs and JPMorgan Chase fell three percent or more, dragging on major indices.

US indices opened lower and spent the entire session in negative territory. But the S&P 500, which finished at a record the last two days, dropped 0.4 percent, well above its session lows -- a sign of resilience.

"Whenever there's been trouble in the market, buyers have showed up," said Adam Sarhan from 50 Park Investments, who attributed the weakness in bank shares to profit-taking.