Chapter 1: What is the main topic discussed in this episode?
Does the NASDAQ make you cool? I'm David Brancaccio in Los Angeles. Good morning to you. Walmart is moving from the New York Stock Exchange to the NASDAQ market. It's the biggest company to ever make the switch from platforming its stock down on New York's Wall Street. to a company with a showroom on New York's Times Square.
Chapter 2: Why is Walmart moving from the New York Stock Exchange to Nasdaq?
The thing is, NASDAQ has a cool kids growth through tech vibe, and it's where the stocks of Apple, Microsoft, Amazon, and Nvidia live. To understand this better, let's bring in Jay Ritter, professor of finance at the University of Florida. Good morning. Good morning. Let's be fair to Walmart here, right?
You think of them as a big box retailer, but they have a sizable online presence that is a stiff competitor for tech company Amazon. Absolutely. Indeed, 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.
You know, it's a popular way to invest these days is to buy the whole S&P 500 index. And so if you're in that index, companies stand to benefit just by virtue of that inclusion. Is there a kind of bump that Walmart might get for being included on the NASDAQ market, which is not an index in itself?
By moving to NASDAQ, Walmart is able to be not only in the S&P 500 index, but also in NASDAQ's QQQ index for the 100 largest companies on NASDAQ. And while not as much money is indexed there as with the S&P 500, some is, and an estimate is another $20 billion is going to be invested in Walmart as a result. Now, if you go visit NASDAQ.com, It's computer-driven.
Over at the New York Stock Exchange, it's secretly computer-driven, but there are still some humans wandering around. That's where you still get the still photographs at the end of a bad market day is over at the New York Stock Exchange. Do you think the New York Stock Exchange needs to do some rethinking about its brand? Not necessarily.
There are many markets where the individual stocks get traded. So just because a stock changes from the New York Stock Exchange to NASDAQ where it's listed, that doesn't actually mean that much of the trading volume is going to be changing. It is still the case that the New does provide certain certification.
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Chapter 3: What does Walmart's move to Nasdaq mean for its stock performance?
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 at the University of Florida. Thank you so much. You're very welcome, as always. consumers are feeling worse about their current and future financial situations.
That's among key findings from the latest Survey of Consumer Expectations out this week from the Federal Reserve Bank of New York. Marketplace's Carla Javier reports. Consumers have greater awareness of what's going on in the economy than they get credit for, says NerdWallet's Elizabeth Renter. 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. And with government reports delayed or canceled due to the shutdown, consumer expectations are especially useful, says Justin Wolfers at the University of Michigan.
So in the absence of that hard data, looking instead to how people are feeling becomes all the more important. And how people feel can actually impact the economy. If I'm worried about losing my job next year, I might pull back a little bit, tighten the purse strings. That could affect businesses, which could affect hiring. You get the idea.
When Vicki Bogan at Duke looked at the latest survey from the New York Fed, she noticed somewhat mixed findings. You could say employment expectations improved slightly. But the survey did show that people think medical costs will increase. Medical costs are one of the leading causes of bankruptcy for households in general. Another key takeaway?
Consumers told the New York Fed that they expect the inflation rate to remain steady over the next year. I'm Carla Javier for Marketplace. And the environmental group the National Resources Defense Council wants more people to use recycled toilet paper.
In its latest scorecard, the group gives failing grades again to some of the biggest toilet roll brands, which are largely made by cutting down trees, often in Canada. The NRDC claims that if every American used just one roll of recycled, 100% recycled, it would be like getting 72,000 cars off the road for a year.
Now, Whole Foods and Trader Joe's, 100% recycled, among some others, did get A-pluses. And the NRDC praised Procter & Gamble for breaking out of the F category, finally, with its sustainably certified bamboo toilet paper. This is drawn from the NRDC's seventh annual report titled... The issue with tissue. There's a battle brewing over who's going to regulate artificial intelligence.
Some states have stepped in, but the Trump administration is now trying to head that off. Marketplace's Nancy Marshall Genzer reports. President Trump says he'll sign an executive order this week to establish what he calls one rule on AI. He says too many state rules will keep the U.S. from leading the global AI race. Since there's no broad federal legislation, states have enacted their own laws.
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Chapter 4: How does being on Nasdaq benefit Walmart compared to the NYSE?
Our producers are Tamar Fagan, Ashley Rodriguez, Ariana Rosas, and Erica Soderstrom. Our senior producer is Alex Schroeder. Our supervising senior producer is Meredith Gerritsen-Morby. In Los Angeles, I'm David Brancaccio. This is the Marketplace Morning Report from APM American Public Media.