Nasdaq said Walmart Inc (NYSE:WMT) will join the Nasdaq-100 Index and a set of related benchmarks on Jan. 20, 2026, replacing AstraZeneca, in a change that could prompt portfolio rebalancing among funds that track the widely followed gauge.
The exchange operator said the move will take effect before the market opens on Tuesday, Jan. 20, the first trading day after the third Friday of the month. U.S. markets will be closed on Monday, Jan. 19, for the Martin Luther King Jr. Day holiday, Nasdaq added.
Walmart will be added to the Nasdaq-100 Index, the Nasdaq-100 Equal Weighted Index and the Nasdaq-100 Ex-Tech Sector Index.
AstraZeneca will be removed from those three benchmarks and will also be deleted from several Nasdaq-100-linked variants, including the Nasdaq-100 ESG index as well as “ex Top 30,” “sustainable ESG select,” “low volatility,” and select equal-weight versions, Nasdaq said.
The Nasdaq-100 tracks 100 of the largest non-financial companies listed on the Nasdaq Stock Market and is closely watched because it underpins some of the market’s most actively traded index products, including exchange-traded funds and derivatives.
Changes to constituents can lead passive managers and systematic strategies to buy or sell shares to align holdings with the index.
Although the Nasdaq-100 is often associated with technology stocks, it spans multiple sectors, including retail and healthcare, and its membership is determined by rules-based criteria such as eligibility, liquidity and market value.
Nasdaq said the adjustments are part of its regular index maintenance process, aimed at keeping the benchmarks representative of the largest Nasdaq-listed non-financial companies as market capitalisations and listings evolve.
Walmart’s entry underscores how index membership can influence capital flows, as tracking funds typically adjust positions around effective dates.
AstraZeneca’s removal, meanwhile, highlights the mechanical nature of index rules, and the potential for large, non-U.S. names to be displaced when listing and eligibility factors change.
