Walmart boycott 2025: Has its stock really dropped?

Walmart, one of the biggest retail giants in the United States, is facing a public relations and financial challenge as a nationwide boycott against the company gains momentum. The boycott, led by the nonpartisan group People’s Union USA, began on April 7 and was triggered by Walmart’s decision to eliminate its Diversity, Equity, and Inclusion (DEI) initiatives. As part of its broader “Economic Blackout Tour,” the group is targeting corporations that have scaled back DEI efforts, with more boycotts planned through July.

According to a Newsweek report, Walmart’s stock (NYSE: WMT) was trading at $83.19 as of 2:44 p.m. CDT on April 7 — a sharp 26.6 percent drop from its 52-week high of $105.30. Although the S&P 500 index rose 0.30 percent that day, Walmart’s stock showed only a modest rebound of 0.77 percent by the afternoon, reaching $83.83. Over the past month, Walmart shares have declined by more than 8 percent, while the broader S&P 500 has dipped around 12 percent.

Despite these figures, financial experts remain skeptical that the boycott alone is behind the dip. Michael Ryan, a finance expert and founder of MichaelRyanMoney.com, told Newsweek that boycotts typically do not affect stock prices significantly unless they result in measurable hits to a company’s quarterly revenue. “Walmart’s essential role in many rural areas offers it structural protection from such boycotts,” Ryan noted. “Many consumers simply don’t have alternatives within 60 miles.”

Meanwhile, Alex Beene, a financial literacy instructor at the University of Tennessee at Martin, pointed out that recent tariffs imposed by Donald Trump on grocery imports may be placing greater pressure on Walmart’s performance than any consumer protest. “If additional tariffs are slapped on goods, the cost to import products will rise — not just for Walmart, but for consumers too,” he said.

While the People’s Union USA argues that dismantling DEI programs undermines corporate responsibility, Wall Street analysts caution against overestimating the power of single-company boycotts. For now, Walmart’s decline appears to be driven by a combination of factors: shifting political dynamics, changing consumer sentiment, and broader economic uncertainty.

Whether the ongoing boycott can deliver lasting financial impact remains to be seen. But one thing is certain — Walmart’s every move is now under intense public and investor scrutiny.