NEW YORK, July 1, 2026, 12:08 EDT
- Walmart Inc. NASDAQ:WMT dropped 4.7% around midday, wiping out roughly $42 billion in market value compared to Tuesday’s close.
- The stock trailed Costco Wholesale Corp. NASDAQ:COST, Target Corp. NYSE:TGT, Amazon.com Inc. NASDAQ:AMZN and the Invesco QQQ Trust NASDAQ:QQQ.
- The hit to Walmart’s market cap is about 12 times what it paid for Vibe.co plus what it paid for Vizio before. The Vibe.co deal is minor next to the equity move.
- U.S. markets traded Wednesday, with NYSE and Nasdaq both scheduled to shut on Friday, July 3, for the Independence Day holiday.
Walmart Inc. NASDAQ:WMT lost 4.7% to $107.99 in New York trading late Wednesday morning, wiping out around $42 billion in market cap from the previous close. That loss is big. The stock is priced like a premium growth play, and even this pullback didn’t change that for some investors.
Earlier, MarketWatch listed Walmart’s 52-week range as $94.23 to $135.16. At last check, shares traded roughly 20% under that high. Market cap stood near $864 billion. The stock’s trailing P/E was 37.9.
| Midday tape | Last price | Day move | Trailing P/E | Read-through |
|---|---|---|---|---|
| Walmart Inc. NASDAQ:WMT | $107.99 | -4.7% | 37.9 | Biggest selloff among these names |
| Costco Wholesale Corp. NASDAQ:COST | $927.09 | -0.9% | 46.6 | Still trades above rivals on valuation |
| Target Corp. NYSE:TGT | $129.26 | -1.0% | 17.1 | Discount multiple, tough rerating case |
| Amazon.com Inc. NASDAQ:AMZN | $241.38 | +1.3% | 28.9 | Used as the ad, online sales peer |
| Invesco QQQ Trust NASDAQ:QQQ | $729.46 | -0.9% | — | Nasdaq-100 tracker |
The valuation gap is key now that Walmart isn’t just being compared to traditional discounters. Walmart shifted its listing to Nasdaq in December 2025. It was added to the Nasdaq-100 before trading began on Jan. 20, 2026, so index funds are picking up more exposure to Walmart’s pitch on tech, advertising and automation.
The Dow Jones Industrial Average (INDEXDJX:.DJI) fell 184 points, with MarketWatch pointing to Walmart and Caterpillar Inc. NYSE:CAT as two of the biggest drags earlier. A midday quote had Caterpillar down 4.3%, close to Walmart’s percentage drop, but with Caterpillar’s higher stock price carrying more weight in the Dow’s price-weighted setup.
Walmart kept falling even after its ad news. On June 23, the company said it will buy Vibe.co, a self-serve connected-TV ad firm. The unit will be added to Walmart Connect. Walmart didn’t share deal terms. It also said it doesn’t expect the move to impact its fiscal 2027 outlook for sales or operating income.
Marketing Dive reported June 29 that Walmart’s Vibe.co deal was valued at about $1.2 billion in cash, calling it Walmart’s biggest move in connected TV ads since buying Vizio for $2.3 billion in 2024. Digital Remedy CEO Martin Kristiseter said it “lowers the barrier to entry for CTV.” Jesse Math from Keen Decision Systems said the deal may offer advertisers a “more complete picture of omnichannel ROI.” Marketing Dive
| Ad-media math | Approximate value | What the market did |
|---|---|---|
| Walmart lost in market cap on Wednesday | $42.2 billion | Figure comes off the latest price and share count for market cap |
| Vibe.co reported cash price | $1.2 billion | Market drop was around 35x that purchase |
| Vizio deal reported recently | $2.3 billion | Last move into connected TVs |
| Vibe plus Vizio spend | $3.5 billion | Market value cut was 12x both deals together |
The selloff isn’t just about a single day of weak trading. Walmart is pushing to boost higher-margin ad revenues as a bigger part of its earnings, but costs keep weighing on its core retail business. In May, Walmart said first-quarter revenue was up 7.3%. Global e-commerce jumped 26%. U.S. comparable-store sales rose 4.1%. Operating income fell as fuel costs for distribution and fulfillment cut 250 basis points.
Chief Executive John Furner said at the time that Walmart was increasing “broader assortment, and faster delivery” as it looks to build out more profitable commerce areas. The company expects Q2 net sales will rise 4% to 5% and sees adjusted operating income climbing 7% to 10%, both on a constant currency basis. Walmart repeated its fiscal 2027 outlook. SEC
Analyst targets haven’t matched the stock’s drop. MarketWatch shows 45 ratings, with an average target price at $140.46 and the median at $140—roughly 30% over where shares last traded.
