WSJ What’s News: Americans Are Looking for Deals. That’s Good News for Walmart.

Date: November 20, 2025
Host: Alex Osolleff, The Wall Street Journal

Episode Overview

This episode of WSJ What’s News explores the evolving U.S. economic landscape, as reflected in consumer shopping behavior, financial markets, and headline corporate news. The focus is on Walmart’s strong quarterly performance amid Americans’ heightened deal-hunting, the latest (delayed) jobs report, volatile stock market swings, the ongoing political tensions in Washington, and notable global and business developments.

Key Discussion Points and Insights

1. U.S. Labor Market Update and Implications for the Federal Reserve

Segment Start: 00:32

• Jobs Report Release
  • The long-delayed September jobs report showed a gain of 119,000 jobs, the strongest since April—well above economists' expectations.
  • Unemployment edged up slightly to 4.4%.
• Labor Force Participation
  • Nearly half a million people re-entered the labor force, including teachers and other education staff.
• Fed Policy Implications
  • The report is dated and comes after a government shutdown, making it the last key employment data before the Fed’s December meeting.
  • Quote (Harriet Tory, 01:29):

    “The reassuring thing about the jobs number is that it shows that we’re not seeing a significant slowdown… Overall it’s just a reassuring sign that the labour market doesn’t seem to be deteriorating significantly.”

  • The report offers mixed signals: rising unemployment (potential reason for rate cuts) vs. solid job growth (reason to maintain restriction).

2. Dramatic Day on Wall Street: Investor Uncertainty Despite Strong Headlines

Segment Start: 03:05

• Market Movements
  • Stocks rose sharply in the morning after positive headlines (Nvidia earnings, Walmart results, home sales).
  • By market close, the Dow had dropped over 1,100 points from its high; S&P 500 fell 1.6%, Nasdaq 2.2%, and Nvidia 3.2%.
• Investor Sentiment
  • Initial optimism about Nvidia (AI “financial Super Bowl”) faded; questions resurfaced about potential overinflation in AI/tech stocks.
  • Quote (Hannah Aaron Lang, 04:00):

    “Investors look to [Nvidia’s] earnings report as a gauge for faith in the AI trade. It’s kind of like a financial Super Bowl.”

  • Risk-off attitudes persisted; Bitcoin prices continued declining.
  • Quote (Hannah Aaron Lang, 05:39):

    “Stocks saw their biggest blown lead—that’s the biggest gain that they would have lost by the day’s end—since April 8th, at the height of the Trump tariff turmoil.”

• Uncertainty Caused by Outdated Data
  • The jobs report’s lack of clarity about Fed policy added to volatility.

3. Walmart’s Strong Quarter and Shifting Consumer Behavior

Segment Start: 06:15

• Walmart Quarterly Results
  • Same-store U.S. sales up 4.5%; company raised its annual outlook.
  • High appeal across all income levels, with both low- and higher-income shoppers seeking deals.
• Signs of Low-Income Stress
  • Lower-income shoppers are cutting back more, while wealthier customers continue steady spending.
  • Quote (John David Rainey, CFO, Walmart, 06:46):

    “I don't want to sound alarmist... but when we look by low income cohort versus mid versus higher income, we have seen some moderation in spending in a low income cohort.”

• Wider Economic Indicator
  • Economists note a growing divide—a “tale of two economies”—between spending patterns at different income levels.

4. Political and Global Headlines

(Summarized for relevance to episode)

• U.S. Political Tensions
  • Former President Trump called for arrest and trial of several Democratic lawmakers after they appeared in a video encouraging service members to refuse illegal orders.
  • Quote (White House Press Secretary Caroline Levitt, 09:21):

    “The Democratic lawmakers are suggesting that the president has given illegal orders, which he has not.”

• Russia-Ukraine Peace Proposals
  • The U.S. and Ukraine presented a peace plan to President Zelenskyy; a separate, more controversial plan backed by some Trump aides consults with the Kremlin.
• Abbott’s Major Acquisition
  • Abbott Laboratories agreed to buy Exact Sciences for ~$21 billion, marking a major move in the life sciences industry.
• UPS Plane Crash Update
  • NTSB’s investigation points to metal fatigue and stress in an aircraft part; both UPS and FedEx ground MD11 fleets.
• Dick Cheney’s Funeral
  • Former Vice President remembered as a powerful, loyal public servant; many political figures attended, but not President Trump or VP J.D. Vance.
  • Quote (George W. Bush, 11:23):

    “They do not come any better than Dick Cheney.”

Notable Quotes & Memorable Moments

• “The reassuring thing about the jobs number is that it shows that we're not seeing a significant slowdown… Overall it's just a reassuring sign that the labour market doesn't seem to be deteriorating significantly.”
  — Harriet Tory (01:29)

• “Investors look to [Nvidia’s] earnings report as a gauge for faith in the AI trade. It’s kind of like a financial Super Bowl.”
  — Hannah Aaron Lang (04:00)

• “When we see a reversal in really crowded trades like this, the momentum can kind of just build and build on itself. So the slide accelerates and I think there's an element of that going on today.”
  — Hannah Aaron Lang (05:22)

• “I don't want to sound alarmist... but when we look by low income cohort versus mid versus higher income, we have seen some moderation in spending in a low income cohort.”
  — John David Rainey, Walmart CFO (06:46)

• “They do not come any better than Dick Cheney.”
  — Former President George W. Bush (11:23)

Timeline of Key Segments

• 00:32 – 03:05: U.S. Jobs Report and Fed Outlook (Harriet Tory Interview)
• 03:05 – 06:11: Wall Street Market Volatility Explained (Hannah Aaron Lang Interview)
• 06:15 – 07:03: Walmart Earnings & Consumer Spending Divide
• 08:01 – 09:13: U.S./Ukraine Peace Initiatives and Political Divides
• 09:13 – 11:51: UPS Crash Probe, Abbott Acquisition, Cheney Funeral

Summary

This episode paints a nuanced portrait of an economy at a crossroads: Americans are seeking value, driving Walmart’s success even as lower-income spending weakens. Markets are struggling to find direction amid outdated economic data, big swings in tech stocks, and global uncertainties. Meanwhile, intense domestic politics, major business deals, and somber remembrances highlight the multifaceted news landscape. If you missed the episode, this summary provides a clear guide to the day’s most important business and political developments, as discussed on WSJ What’s News.