After Home Depot disappointed and Target got slammed, Walmart reported results that were above expectations because in this economic climate the Target and Home Depot’s losses are Walmart’s gains. And its strength came from all income brackets, though high-income Americans are increasingly turning to Walmart. That’s not good. But it does fit with the long-delayed payroll data that just came out, which you’ll be shocked to learn has another revision turning another monthly number negative. That makes two. 

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FOMC October 2025 Minutes
https://www.federalreserve.gov/monetarypolicy/files/fomcminutes20251029.pdf

NBC News Walmart raises sales outlook, boosted by e-commerce and higher-income shoppers
https://www.nbcnews.com/business/business-news/walmart-earnings-ecommerce-rcna244853

CNBC Walmart hikes sales and earnings forecast as it attracts shoppers across incomes
https://www.cnbc.com/2025/11/20/walmart-wmt-q3-2026-earnings.html

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