Walmart is moving (to the Nasdaq)

Summary

Marketplace Morning Report

Episode: Walmart is moving (to the Nasdaq)

Date: December 9, 2025
Host: David Brancaccio

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Overview

This episode highlights Walmart’s strategic decision to switch its stock listing from the New York Stock Exchange (NYSE) to the Nasdaq, making it the largest company ever to make such a move. The show unpacks the implications for Walmart, the stock exchanges, and investors, and touches on current consumer sentiment, eco-friendly products, and federal action on artificial intelligence regulation.

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Main Discussion: Walmart Moves to Nasdaq

What’s Happening? (01:30)

• Walmart is leaving the NYSE for Nasdaq, a significant change as it becomes the largest company to do so.
• Nasdaq is perceived as the tech-centric, “cool kids” exchange, home to companies like Apple, Microsoft, Amazon, and Nvidia.

Quote:
"Does the Nasdaq make you cool?"
— David Brancaccio (01:30)

Why is Walmart making this move? (02:04)

• Guest: Jay Ritter, Professor of Finance, University of Florida
• Walmart, traditionally seen as a retail giant, now boasts a significant online presence, placing it in direct competition with Amazon.
• Its technological advancements and growth in e-commerce influence the decision.

Quote:
"Because of the growth in their online business and successful competition against Amazon, Walmart is now selling at a higher price-earnings ratio than most of the so-called Magnificent Seven."
— Jay Ritter (02:16)

Potential Benefits for Investors (02:32)

• Discussion on index inclusion and investor impact:
  • Walmart’s move allows its stock to join Nasdaq’s QQQ index (top 100 Nasdaq stocks) in addition to S&P 500.
  • Estimates suggest an additional $20 billion could flow into Walmart stock due to its inclusion in QQQ.

Quote:
"By moving to Nasdaq… some IS and an estimate is another $20 billion is going to be invested in Walmart as a result."
— Jay Ritter (02:51)

Impact on Stock Exchanges and Brands (03:16)

• The Nasdaq is known for being fully computerized, while the NYSE retains some human “floor traders”.
• Discussion on whether NYSE needs to rethink its brand following Walmart’s high-profile departure.
• Jay Ritter notes listing changes don’t drastically affect where stocks are traded, as multiple platforms handle transactions.
• NYSE still holds prestige, while Nasdaq has faced scrutiny over numerous problematic penny stock IPOs recently.

Quote:
"It is still the case that the New York Stock Exchange does provide certain certification. And in recent months Nasdaq has been under a little bit of scrutiny because of a lot of penny stock IPOs that have been listing there, many of which have been manipulated and most of which have crashed and burned."
— Jay Ritter (03:40)

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Consumer Sentiment & Economic Expectations

Latest Survey Findings (04:26–05:55)

• Reporting by Carla Javier (Marketplace), Elizabeth Renter (NerdWallet), and Justin Wolfers (University of Michigan).
• Federal Reserve Bank of New York’s consumer expectations survey reveals:
  • Consumers are well aware of economic trends based on real-life grocery, gas shopping.
  • With official economic data delayed by a government shutdown, consumer sentiment becomes an important economic indicator.
  • Findings: Employment expectations have improved slightly; however, concerns about rising medical costs persist.
  • Consumers expect inflation to hold steady over the next year.

Notable Quotes:
"Most of us shop for groceries, most of us buy gasoline. And in that way we can be in tune with what inflation is doing, even if we're not watching the numbers that come from the bls."
— Elizabeth Renter (04:42)

"How people feel can actually impact the economy."
— Justin Wolfers paraphrased by Elizabeth Renter (05:14)

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Environmental Push: Recycled Toilet Paper

NRDC’s “Issue with Tissue” Report (05:55–06:56)

• National Resources Defense Council (NRDC) continues to urge Americans to use 100% recycled toilet paper.
• NRDC claims: If every American used just one recycled roll, it’d be like removing 72,000 cars from roads for a year.
• Whole Foods, Trader Joe’s, and P&G's bamboo toilet roll get high grades; major conventional brands still fail.

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AI Regulation: Federal vs. State (08:24–09:20)

• Reporter: Nancy Marshall Genser
• President Trump announces intention to sign executive order for a unified federal “one rule” on AI.
  • Cites concern states’ own laws could impede US global leadership.
• 38 states have independently passed around 100 different AI measures (e.g., Oregon’s rules on professional titles, North Dakota bans on AI robot harassment).
• Legal uncertainty exists: Can the executive order preempt state laws?

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Memorable Quotes & Moments

• On Walmart’s tech credentials:
  “Walmart is now selling at a higher price-earnings ratio than most of the so-called Magnificent Seven.”
  — Jay Ritter (02:16)

• Potential index funds influx:
  “Another $20 billion is going to be invested in Walmart as a result.”
  — Jay Ritter (02:51)

• On consumer sentiment:
  “How people feel can actually impact the economy.”
  — Elizabeth Renter (05:14)

• On corporate environmental responsibility:
  “…if every American used just one roll of 100% recycled [toilet paper], it would be like getting 72,000 cars off the road for a year.”
  — David Brancaccio on NRDC report (05:55)

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Important Timestamps

• 01:30: Walmart’s switch to Nasdaq and tech growth context
• 02:04–03:40: Interview with Jay Ritter digging into why Walmart is moving and what it means
• 04:26–05:55: Consumer sentiment & inflation expectations
• 05:55–06:56: NRDC’s grades for recycled toilet paper & climate impact
• 08:24–09:20: Legal wrangling over federal vs. state AI regulation

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Summary

In this brisk, information-packed episode, Marketplace explores Walmart’s move to Nasdaq, what it signals for the company’s tech ambitions, and how it could reshape investor flows. The episode also examines how consumers’ economic anxieties—and hopes—are being tracked amid data shortages, pushes for more sustainable consumer goods, and growing tensions between state and federal regulation of AI. The reporting blends insightful commentary, expert analysis, and actionable snapshots of broader trends in business and policy, all within an accessible conversational tone.

Transcript

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[David Brancaccio]

Does the Nasdaq make you cool? I'm David Brancaccio in Los Angeles. Good morning to you. Walmart is moving from the New York Stock Exchange to the NASDAQ market. It's the biggest company to ever make the switch from platforming its stock down on New York's Wall street to a company with a showroom on New York's Times Square. The thing is, NASDAQ has a cool kids growth through tech vibe and it's where the stocks of Apple, Microsoft, Amazon and Nvidia live. To understand this better, let's bring in Jay Ritter, professor of Finance at the University of Florida. Good morning.

[Jay Ritter]

Good morning.

[David Brancaccio]

Let's be fair to Walmart here, right? You think of them as a big box retailer, but they have a sizable online presence that is a stiff competitor for tech company Amazon.

[Jay Ritter]

Absolutely. Indeed. Because of the growth in their online business and successful competition against Amazon, Walmart is now selling at a higher price. Earnings ratio than most of the so called Magnificent Seven.

[David Brancaccio]

You know, it's a popular way to invest these days is to buy the whole S&P 500 index. And so if you're in that index, companies stand to benefit just by virtue of that inclusion. Is there kind of bump that Walmart might get for being included on the Nasdaq market, which is not an index in itself?

[Jay Ritter]

By moving to Nasdaq, Walmart is able to be not only in the S&P 500 index, but also in Nasdaq's QQQ index for the hundred largest companies on Nasdaq. And while not as much money is indexed there as with the S&P 500, some IS and an estimate is another $20 billion is going to be invested in Walmart as a result.

[David Brancaccio]

Now if you go visit Nasdaq, it's computer driven. Go over the New York Stock Exchange. It's secretly computer driven, but there are still some humans wandering around. That's where you still get the still photographs at the end of a bad market days over at the New York Stock Exchange. Do you think the New York Stock Exchange needs to do some rethinking about its brand?

[Jay Ritter]

Not necessarily. There are many markets where the individual stocks get traded. So just because a stock changes from the New York Stock Exchange to Nasdaq where it's listed, that doesn't actually mean that much of the trading volume is going to be changing. It is still the case that the New York Stock Exchange does provide certain certification. And in recent months Nasdaq has been under a little bit of scrutiny because of a lot of penny stock IPOs that have been listing there, many of which have been manipulated and most of which have crashed and burned.

[David Brancaccio]

Jay Ritter at the University of Florida, thank you so much.

[Jay Ritter]

You're very welcome.

[David Brancaccio]

As always, consumers are feeling worse about their current and future financial situations. That's among key findings from the latest survey of consumer expectations out this week from the Federal Reserve bank of New York Marketplace's Carla Javier reports.

[Elizabeth Renter]

Consumers have greater awareness of what's going on in the economy than they get credit for, says NerdWallet's Elizabeth Renter. Most of us shop for groceries, most of us buy gasoline. And in that way we can be in tune with what inflation is doing, even if we're not watching the numbers that come from the bls. And with government reports delayed or canceled due to the shutdown, consumer expectations are especially useful, says Justin Wolfers at the University of Michigan.

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So in the absence of that hard data, looking instead to how people are feeling becomes all the more important, and.

[Elizabeth Renter]

How people feel can actually impact the economy.

[GoFundMe Announcer]

If I'm worried about losing my job next year, I might pull back a little bit, tighten the purse strings.

[Elizabeth Renter]

That could affect businesses, which could affect hiring. You get the idea. When Vicki Bogan at Duke looked at the latest survey from the New York Fed, she noticed somewhat mixed findings.

[GoFundMe Announcer]

You could say employment expectations improved slightly.

[Elizabeth Renter]

But the survey did show that people think medical costs will increase. Medical costs are one of the leading.

[David Brancaccio]

Causes of bankruptcy for households in general.

[Elizabeth Renter]

Another key takeaway. Consumers told the New York Fed that they expect the inflation rate to remain steady over the next year. I'm Carla Javier for Marketplace and the.

[David Brancaccio]

Environmental group the National Resources Defense Council wants more people to use recycled toilet paper in its latest scorecard. The group gives failing grades again to some of the biggest toilet roll brands, which are largely made by cutting down tre often in Canada, the NRDC claims that if every American used just one roll of recycled 100% recycled, it would be like getting 72,000 cars off the road for a year. Now. Whole foods and Trader Joe's 100% recycled, among some others, did get A pluses, and the NRDC praised Procter and Gamble for breaking out of the F category finally, with its sustainably certified bamboo toilet paper. This is drawn from the NRDC's seventh annual report titled the Issue with Tissue.

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[David Brancaccio]

Battle brewing over who's going to regulate artificial intelligence. Some states have stepped in, but the Trump administration is now trying to head that off. Marketplace's Nancy Marshall Genser reports.

[Nancy Marshall Genser]

President Trump says he'll sign an executive order this week to establish what he calls one rule on AI. He says too many state rules will keep the US from leading the global AI race. Since there's no broad federal legislation, states have enacted their own laws. The National Conference of State Legislatures says 38 states adopted or enacted around 100 AI measures this year. For example, Oregon prohibits AI from using licensed professionals titles such as registered Nurse. And North Dakota prohibits people from using AI powered robots to harass others. It's not clear that President Trump can block these state laws. His executive order could face legal challenges. I'm Nancy Marshall Genser for Marketplace.

[David Brancaccio]

Our producers are Tamar Fagan, Ashley Rodriguez, Ariana Rosas and Erica Soderstrom. Our senior producer is Alex Schroeder. Our supervising senior producer is Meredith Garretson Morby. In Los Angeles, I'm David Brancaccio. This is the Marketplace Morning Report from APM American Public Media.

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