Key takeaways
- Walmart stock closed near record highs on its first day trading on the Nasdaq, with shares around $115 and a daily range roughly between $113 and $116, close to a 52‑week high of $116.27. [1]
- Volume was well above average as investors digested Walmart’s exchange move, strong Q3 results and upbeat holiday commentary. [2]
- Analysts turned more bullish on December 9, including fresh price‑target hikes from RBC and TD Cowen and new coverage highlighting e‑commerce, digital advertising and AI as major 2026 catalysts. [3]
- Macro backdrop: U.S. indices finished the day mixed as Wall Street waited for the Federal Reserve’s December 10 rate decision, with markets pricing in a widely expected quarter‑point cut and watching bond yields closely. [4]
- Into Wednesday’s open, WMT traders will be focused on: follow‑through after the Nasdaq debut, Fed messaging, holiday demand momentum, and whether rich valuations (near 40x earnings) can be justified by Walmart’s tech‑and‑AI growth story. [5]
How Walmart stock traded on December 9, 2025
Price action and volume after the bell
On Tuesday, December 9, 2025 — Walmart’s first session trading on the Nasdaq under ticker WMT — the stock added roughly 1.3%, trading around $115.06 during the day and reaching an intraday high near $115.72. That’s just shy of its 52‑week high of $116.27, with the day’s range around $113.02 to $115.7. [6]
Roughly 22.5 million shares changed hands, about 20% above Walmart’s average daily volume near 18.6 million, signaling strong institutional participation in the debut session on the new exchange. [7]
Key valuation markers as of late Tuesday:
- Market cap: roughly $900–920 billion [8]
- Trailing P/E: around 40x, versus a sector that typically trades at markedly lower multiples [9]
- Dividend yield: ~0.8%, with a long history of annual increases [10]
In extended trading after the close, Walmart stock hovered close to its regular‑session level, suggesting no major post‑bell surprises or new company‑specific disclosures. [11]
Why the Nasdaq debut matters for Walmart stock
Symbolic and practical shift toward tech and AI
Walmart’s December 9 transfer from the New York Stock Exchange to the Nasdaq is more than a branding tweak — it’s being framed as a public milestone in the company’s tech and AI reinvention.
- Reuters noted that Walmart’s leadership explicitly linked the exchange move to a “people‑led, tech‑powered” long‑term strategy, highlighting how deeply technology and automation now underpin its operations. [12]
- On its Q3 earnings call, Walmart said over 40% of new software code is now AI‑generated or AI‑assisted, while more than 60% of U.S. freight runs through automated distribution centers and over half of online orders are fulfilled through automated facilities. [13]
- A Seeking Alpha note on the Nasdaq debut stressed that the move reflects a deepening shift toward tech and AI, with CEO Doug McMillon pointing to the company’s evolution during his tenure and the hand‑off to incoming CEO John Furner, who has extensive digital and omnichannel experience. [14]
Retail‑focused outlets also highlight the index implications:
- RetailDive wrote that the Nasdaq listing “signals a strategic alignment with the tech‑heavy exchange” and may position Walmart for eventual inclusion in the Nasdaq‑100, which could bring incremental passive‑index demand over time. [15]
For investors, the bottom line is that Walmart is increasingly being valued like a tech‑enabled platform, not just a traditional grocer and big‑box chain — which helps explain its premium valuation multiple.
Holiday momentum: last‑minute delivery, record Black Friday and supply‑chain investments
New “Get it Now” and one‑hour Christmas Eve delivery
On December 9, Walmart rolled out a fresh holiday update that matters for both customers and investors:
- The company announced Express Delivery in as fast as one hour for orders placed up to 5 p.m. local time on Christmas Eve, plus expanded same‑day pickup and delivery cut‑offs and shipping deadlines through December 23. [16]
- A new “Get it Now” option in the Walmart app shows customers an estimated number of minutes until delivery, then lets them place an order in a single tap — aiming to reduce friction and speed decision‑making. [17]
- Walmart says its delivery network now reaches about 95% of U.S. households in under three hours, underscoring how far its logistics and last‑mile capabilities have come. [18]
This latest announcement builds on a December 2 release in which Walmart called its Black Friday and Cyber Monday 2025 “record‑breaking,” citing:
- 57% more orders from stores on Black Friday vs. last year
- 44% more orders delivered in under three hours
- A fastest recorded Black Friday delivery of just 10 minutes
- Nearly 10 million shoppers using the Walmart app in stores, with in‑app shoppers spending about 25% more on average than those who don’t use the app. [19]
For a stock now trading like a growth‑plus‑defensive hybrid, this kind of hard operational data supports the bullish analyst narrative around Walmart’s same‑day and “instant” retail moat.
Deepening control of the supply chain
Walmart’s fundamentals story is also increasingly about owning more of its supply chain:
- On December 2, the company opened its second owned and operated milk processing facility in Valdosta, Georgia — a $350 million investment expected to create over 400 jobs. [20]
- The plant will supply more than 650 Walmart and Sam’s Club locations across the Southeast with private‑label milk, improving cost control and resilience in a key grocery category. [21]
These kinds of vertical‑integration moves fit the broader thesis that Walmart is using scale + technology + logistics to protect margins even while it competes aggressively on price.
Q3 FY26 recap: why analysts keep raising their Walmart forecasts
Walmart’s latest quarter, reported November 20, continues to underpin the post‑earnings rally we’re seeing into December.
Core results and raised guidance
According to Reuters and MarketBeat:
- Revenue: Q3 FY26 revenue rose 5.8% year over year to $179.5 billion, ahead of Wall Street estimates around $177–175 billion. [22]
- EPS: Adjusted EPS came in at $0.62, beating consensus by $0.02. [23]
- U.S. comparable sales: up 4.5%, beating estimates near 3.8%. [24]
- E‑commerce: global online sales climbed about 28%, marking the seventh straight quarter of 20%+ e‑commerce growth. [25]
Management raised full‑year guidance for the second time this year:
- Net sales growth now expected at 4.8–5.1%, up from 3.75–4.75%
- Adjusted EPS guidance lifted to $2.58–$2.63, from $2.52–$2.62. [26]
Walmart’s CFO described the holiday season as “off to a pretty good start,” pointing to strong Halloween and early Thanksgiving demand and expecting Q4 trends broadly in line with prior quarters — another data point that supports the current rally into December. [27]
International and high‑margin growth engines
Fresh analysis from Zacks on December 9 emphasised that Walmart International was a standout in the quarter: [28]
- International net sales grew 11.4% in constant currency to $33.7 billion
- Adjusted operating income for the segment rose 16.9% to about $1.4 billion
- Segment e‑commerce sales were up 26%, powered by marketplace growth and store‑fulfilled pickup and delivery
- Flipkart’s Big Billion Days shifting into Q3 boosted volumes and advertising, while China’s digital penetration neared half of sales, supported by rapid delivery
Meanwhile, a Motley Fool/Finviz breakdown on December 9 highlighted two long‑term profit drivers: [29]
- Online advertising – Walmart’s global ad business grew about 53% year over year, with advertising helping drive 34% net income growth on roughly 6% revenue growth.
- E‑commerce – Walmart’s e‑commerce sales grew around 27% year over year, with each store functioning as a logistics hub that lowers shipping costs and improves delivery speed.
Put simply, higher‑margin digital ads and high‑growth e‑commerce are starting to move the needle for profits, not just revenue.
Street sentiment on December 9: bullish, but watching valuation and the consumer
Price targets and ratings
Tuesday saw a flurry of positive analyst commentary on Walmart:
- TD Cowen raised its Walmart price target to $136 from $125, keeping a Buy rating and adding WMT to its “Best Ideas 2026” list. The firm argues Walmart is building a “powerful ecosystem nexus” driven by: profitable e‑commerce, early adoption of AI across the business, and expansion in marketplace, retail media and membership programs. [30]
- RBC Capital lifted its target to $123 from $116 and reiterated an Outperform rating, describing Walmart’s “flywheel” model as still in the early innings and forecasting consistent market share gains and double‑digit EPS growth over the next several years. RBC’s new target is based on about 37x its 2027 adjusted EPS estimate of $3.33, versus roughly 35x previously. [31]
- MarketBeat’s December 9 recap notes that 31 analysts rate Walmart a Buy and only one rates it a Hold, with an average target price near $119–120, implying modest upside from current levels around $115. [32]
Additional style/momentum views:
- A separate Zacks report (December 8) labels Walmart a “top momentum stock” with a Momentum Score of B, pointing to a double‑digit percentage gain over the past month and multiple upward earnings revisions for fiscal 2026. [33]
Is valuation stretched?
Even bullish notes acknowledge valuation is no longer cheap:
- RBC and InvestingPro data put Walmart’s P/E close to 40x, above many consumer‑staples peers and above levels some fair‑value models consider justified, with at least a dozen analysts trimming earnings estimates for upcoming periods. [34]
That doesn’t mean the stock can’t go higher — especially if ad, marketplace and AI‑driven efficiencies keep comp‑ounding — but it leaves less room for disappointment if the consumer weakens or the Fed’s path deviates from expectations.
Macro backdrop: markets pause ahead of the Fed
The broader market environment on December 9 is crucial context for Walmart traders heading into Wednesday’s open:
- The Dow fell about 0.38%, the S&P 500 slipped 0.09% and the Nasdaq gained 0.13%, leaving indices essentially flat ahead of the Fed decision. [35]
- The 10‑year U.S. Treasury yield climbed to roughly 4.18%, its fourth straight day of gains, weighing on some rate‑sensitive stocks. [36]
- Futures and pre‑market commentary suggest investors are heavily pricing in a 25‑basis‑point rate cut on December 10, with CME FedWatch probabilities around the high‑80% range, but also bracing for potentially hawkish guidance on how many cuts may follow in 2026. [37]
For a defensive‑growth name like Walmart, the macro setup cuts both ways:
- Lower rates and easing bond yields would typically support high‑multiple, high‑quality earnings stories.
- But persistent inflation pressures on lower‑income consumers, and any signs of labor‑market weakening, could weigh on discretionary purchasing — even if Walmart continues to win share within the retail pie. [38]
What Walmart investors should watch before the market opens on December 10, 2025
Here’s a concise checklist to monitor heading into Wednesday’s bell:
1. Pre‑market trading in WMT
Early data show modest pre‑market activity with small price changes on light volume, suggesting no new overnight shock specific to Walmart. [39]
Things to note:
- Whether shares hold above the low‑$110s breakout area that has acted as support in recent weeks
- Whether the stock makes another run toward or through the $116–117 zone, near the current 52‑week high
Given the stock’s strong YTD performance (up roughly mid‑20s percent, according to several analyst notes), a post‑debut consolidation or short‑term volatility would not be surprising. [40]
2. Fed decision and Powell’s tone
The Fed’s December 10 announcement and press conference will almost certainly be the day’s macro driver:
- A quarter‑point cut is widely expected; what matters most is forward guidance on 2026 and the balance of concerns between inflation and employment. [41]
- For Walmart, a “Goldilocks” outcome — lower rates without alarming talk about recession — would be most supportive of its premium multiple.
- A more hawkish tone or surprising dissent on the Federal Open Market Committee could pressure high‑multiple defensives, even if near‑term fundamentals remain solid. [42]
3. Follow‑through on Nasdaq debut and potential index implications
Traders will be watching:
- Whether buy‑and‑hold institutional investors continue reallocating in response to Walmart’s new home on the Nasdaq
- Any hints from index‑tracking products or commentators about potential future inclusion in the Nasdaq‑100, which could add passive inflows over time (though this is not guaranteed nor immediate). [43]
4. Holiday updates and consumer‑health commentary
Given Walmart’s new one‑hour Christmas Eve delivery offering and strong Black Friday/Cyber Monday data, markets will stay tuned for: [44]
- Any incremental traffic or sales data — from Walmart or from third‑party trackers — suggesting whether the strong early‑season trends are holding
- New commentary on the “two‑speed consumer”: lower‑income shoppers squeezed by inflation versus middle‑ and higher‑income customers trading into Walmart for value and convenience
If consumer‑spending data or commentary from peers (e.g., Home Depot, other retailers) start to show more pronounced weakness, investors may question how long Walmart can keep comp growth and profit leverage at current levels. [45]
5. Analyst notes and rating changes
After Tuesday’s upgrades and inclusion in TD Cowen’s Best Ideas 2026 list, investors should look for:
- Any further target hikes or coverage initiations from large brokerages
- Updated earnings‑estimate revisions in response to the Nasdaq move, holiday metrics, and Fed policy
Consensus currently points to modest upside from current prices, but with some dispersion — TD Cowen at $136 on the high side, RBC at $123, and the average around $119–120. [46]
Bottom line: Walmart enters Wednesday’s session with momentum — and expectations
As of the close of December 9, 2025, Walmart stock sits in a sweet spot:
- It has credible growth drivers — e‑commerce, digital ads, an AI‑enabled supply chain, and international expansion. [47]
- It is executing well in a tough consumer environment, winning higher‑income shoppers even as lower‑income households remain under pressure. [48]
- And it has just made a high‑profile move to the Nasdaq, reinforcing the narrative that this is now a technology‑powered retail platform rather than a traditional brick‑and‑mortar chain. [49]
At the same time, valuation is demanding, and macro uncertainty around the Fed, inflation and employment means the bar for positive surprises in 2026 is rising. [50]
For traders and longer‑term investors alike, the setup heading into the December 10 open can be summed up in one sentence:
If Walmart keeps turning its scale into high‑margin digital and AI‑driven profits, the current premium multiple may hold — but any stumble in consumer demand or execution could make the stock vulnerable at these levels.
Important: This article is for information and news/analysis purposes only and does not constitute financial advice, investment recommendation, or an offer to buy or sell any security. Always do your own research or consult a licensed financial adviser before making investment decisions.
References
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