Has Walmart's stock declined amid nationwide boycott? Know if the ‘blackout’ is working

Amid a nationwide boycott of Walmart in the United States that started on April 7, the company’s stock has experienced a notable decline, Newsweek reported. As of 2:44 p.m. CDT Monday, April 7, Walmart’s stock (NYSE: WMT) was trading at $83.19. This marked a 26.6 percent decrease from its 52-week high of $105.30.

Organised by the People’s Union USA, the boycott of Walmart is the latest in a series of economic blackouts targeting key corporations that have rolled back their Diversity, Equity, and Inclusion (DEI) programmes. The boycott was planned due to Walmart’s decision to eliminate its DEI initiatives. As part of its ongoing ‘Economic Blackout Tour,’ the nonpartisan group is planning more boycotss against other significant US companies at least until July.

The S&P 500 index stood at 5,089.42 at the mentioned time, reflecting a 0.30 percent increase from the previous close of 5,074.08 on Friday. Walmart’s stock, on the other hand, has risen by 0.77 percent Monday, from $83.19 at the prior close to $83.83 this afternoon.

However, over the past month, the stock’s behaviour indicates that Walmart may be struggling alongside the broader market. The company’s shares have declined more than 8 percent during that period, and the S&P 500 has dipped about 12 percent in the same time frame.

According to Wall Street analysts, Walmart's exposure to political backlash and consumer sentiment could be an increasing risk factor. Some experts also believe that Donald Trump's new tariffs imposed on grocery imports could be a reason for the stock’s struggle as well.

‘It's not to say Walmart's stock couldn't be hurt by boycotts’

The People’s Union USA believes that steps such as eliminating DEI initiatives undermine progress in promoting diversity and inclusion in the workplace. Meanwhile, Michael Ryan, finance expert and founder of MichaelRyanMoney.com, told Newsweek, "Financial analysts generally maintain skepticism about single-company boycotts creating sustained stock impacts. For this boycott to meaningfully impact Walmart's stock, it would need to materially affect quarterly revenue numbers, not just create temporary disruptions."

Ryan added, "Walmart's position as an essential provider in many communities where they are the only major retailer for 60+ miles creates structural protection against boycott effectiveness. Many consumers simply lack practical alternatives."

Alex Beene, financial literacy instructor for the University of Tennessee at Martin, said, "It's not to say Walmart's stock couldn't be hurt by boycotts, but the pressure we've seen on its stock recently has more to do with tariff turmoil than social action. Walmart, like many big box retailers, is reliant on many international distributors to provide products for its stores, and if additional tariffs are slapped on those goods, it will make the shopping experience not just more expensive for Walmart to import, but also for the consumer who shops there."