Walmart Stock (WMT) Holding $100 Support Ahead of Earnings – What Next?

Walmart's stock (WMT) is trading at $101.33 this morning, down 1.9% on the week, but holding the psychologically important $100 level ahead of tomorrow's earnings.  This dip comes on the heels of last week's announcement of CEO Doug McMillon's retirement and the appointment of John Furner as his successor, coupled with anticipation for the Q3 2026 earnings report.

The current price action places Walmart precariously above the psychologically significant $100 level. This price point has acted as a support level in recent trading sessions, and whether it holds firm in the face of upcoming earnings and the leadership shift remains to be seen. A break below this level could signal further downside, while a strong earnings report could provide the catalyst for a rebound.

Leadership Transition: A New Era Begins

Doug McMillon's departure marks the end of an era for Walmart. During his tenure, he successfully steered the company through significant transformations, including a major push into e-commerce and the navigation of unprecedented challenges during the COVID-19 pandemic. His focus on technology and omnichannel retail has positioned Walmart as a leader in the evolving retail landscape. The announcement of his retirement on November 14th initially spooked investors, leading to a temporary dip in the stock price.

John Furner, the incoming CEO, is a Walmart veteran who has risen through the ranks. His experience as CEO of Walmart U.S. and Sam's Club provides him with a deep understanding of the company's operations and strategic priorities. Analysts generally view Furner's appointment favorably, seeing it as a continuation of Walmart's current trajectory, with a focus on innovation and leveraging artificial intelligence. The market, however, will need to see concrete evidence of his leadership capabilities and strategic vision in the coming quarters.

Earnings Report Looms Large

Walmart's Q3 2026 earnings report, scheduled for release before market open on November 20, 2025, will be a critical test for the company. Analysts estimate earnings per share (EPS) for the current quarter (ending October 2025) to be $0.61, representing a 5.17% increase from the same quarter last year. This growth, if realized, would demonstrate Walmart's resilience in a challenging economic environment.

However, the market's reaction to the earnings report will depend not only on the headline numbers but also on the company's guidance for the future. Investors will be closely scrutinizing management's commentary on consumer spending, inflation, supply chain issues, and the impact of the leadership transition on Walmart's strategic direction. A cautious outlook could dampen investor enthusiasm, even if the current quarter's results are positive.

Technical Analysis: Mixed Signals

From a technical perspective, Walmart's stock presents a mixed picture. The current price of $101.39 is below the 50-day Simple Moving Average (SMA) of $103.34, suggesting potential short-term bearish momentum. This indicates that the stock has been underperforming in recent weeks. However, the price remains above the 200-day SMA of $97.47, indicating a positive long-term trend. This suggests that despite recent weakness, the stock is still in an overall uptrend. The $100 level is key, and a confirmed break below could trigger further selling pressure.