Why is Walmart (WMT) stock up today?

Walmart shares rose 0.77% to $114.78 today — touching an intraday high of $115.53 — even as the S&P 500 fell 0.79% and the tech-heavy QQQ dropped 1.90%. The outperformance reflects Walmart's reputation as a defensive holding: when broader markets sell off on macro anxiety, investors often rotate into large, stable consumer-staples retailers whose revenues hold up regardless of economic conditions.

Two company-specific catalysts added to the positive tone. Walmart announced its 53rd consecutive annual dividend increase, a streak that signals financial durability and attracts income-focused investors. Separately, commentary from analysts highlighted that Walmart continues to slash prices, keeping it ahead of rivals — a strategy that drives store-traffic growth and reinforces its market-share position against competitors such as Costco and Target.

The macro backdrop is a clear headwind for most equities today. July's CPI data showed year-over-year inflation at 3.8% (forecast) and core CPI at 2.8%, while Federal Reserve Chairman Warsh was testifying before Congress — both events adding uncertainty to rate expectations and weighing on growth stocks in particular. Walmart, by contrast, benefits in an inflationary environment: shoppers trade down to value-oriented retailers, which can boost its customer traffic.

Walmart's fundamentals support the defensive narrative. The company carries a market capitalization of $913.43 billion, trailing twelve-month P/E of 40.4, and forward P/E of 34.9. Revenue grew 7.3% and earnings grew 19.4% in the most recent reported period, with last quarter's revenue coming in at $177.75 billion and EPS of $0.66 slightly ahead of the $0.659 estimate. The next earnings report is scheduled for August 20, 2026.