Walmart became the first retailer ever to hit $1 trillion in market valuation on Tuesday, riding on a year-long rally that has seen its shares rise nearly 26%.
The latest milestone for the company came just two weeks after Walmart replaced British drugmaker AstraZeneca in the tech-focused Nasdaq-100 Index, home to the most valuable non-financial companies listed on the index.
The Bentonville, Arkansas-based chain has cashed in on wealthier consumers choosing the convenience of faster deliveries and flocking to the retailer for discretionary categories, such as apparel and furniture.
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U.S. households, particularly low- and middle-income earners, have been under mounting financial strain for some time due to persistent inflation and a cooling job market. Tariffs and uncertainty surrounding the recent U.S. government shutdown have also weighed on spending.
Despite the challenging backdrop, Walmart’s stock has outpaced the 16% rise in the benchmark S&P 500.
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