Marketplace Morning Report
Episode: Walmart is moving (to the Nasdaq)
Date: December 9, 2025
Host: David Brancaccio
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.
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)
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)
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.
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?
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)
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
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.