Walmart Inc. (NASDAQ:WMT) shares are rising Wednesday. Investors appear to favor consumer staples and other non-AI names while most of the market falls.
- Walmart stock is showing upward movement. What’s pushing WMT stock higher?
Walmart Climbs While Technology Sector Falls
Walmart is gaining in a market where most sectors are losing ground. Only three of the 11 sector funds finished higher, and eight fell. Consumer staples ranked second, with the Consumer Staples Select Sector SPDR Fund (XLP) up 1.49%. Healthcare (XLV) led at 2.18%, while Technology (XLK) sank 2.60%.
Other large retailers rose with Walmart. Costco gained 2.18%, and Target added 0.94%. The split suggests investors are leaning toward names outside Technology.
Walmart Expands Free Prescription Coverage
Walmart also made news on its own. Chief People Officer Donna Morris told staff in a Tuesday memo that the retailer plans to give employees more than 250 prescription drugs for free, Bloomberg reported. Bloomberg, which viewed the memo, said Walmart wants the perk to help it hire and keep workers as employers elsewhere face climbing health expenses.
The list leans on generics but includes sought-after brands such as Novo Nordisk’s Ozempic and Eli Lilly’s Mounjaro. Employees with Type 2 diabetes pay nothing for those two once they win prior approval. Employees in Walmart’s medical plans next year will also get coverage for some insulin and inhalers, plus drugs for migraines, dementia and cardiovascular conditions.
WMT Shares Are Climbing
WMT Price Action: Walmart shares were up 2.71% at $115.32 at the time of publication on Wednesday, according to Benzinga Pro.
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