Walmart shares fell as much as 9% to a 2026 low on Thursday after the retailer beat second-quarter earnings estimates and raised its full-year guidance, but reported figures that suggested pressure on US consumers. The stock is now down more than 20% from its peak, according to Paul Hickey of Bespoke Investment Group. Walmart’s health and wellness business, affected by federal drug price negotiations, created a 0.8% headwind to comparable sales. The company also said higher food and fuel costs were stretching household budgets. In the first quarter, Walmart reported a $175 million hit to profits from high energy costs. The concerns come as US retail sales fell 0.6% in July, versus expectations for a 0.1% increase. Goldman Sachs analysts said real consumer spending growth could slow to as low as 1% in the second half of 2026, implying that Americans could cut their spending pace by more than half.