Highlights

  • Walmart is set to join the Nasdaq-100 Index effective January 20, 2026.
  • AstraZeneca will be removed from multiple Nasdaq-100-linked benchmarks.
  • The change takes effect after the Martin Luther King Jr. Day market holiday.
  • Index revisions may lead to portfolio rebalancing by tracking funds.

According to NASDAQ, Walmart Inc. (NYSE:WMT) will be added to the Nasdaq-100 Index and a number of related benchmarks, replacing AstraZeneca, with the changes scheduled to take effect on January 20, 2026. The exchange operator noted the update will be implemented before the market opens on Tuesday, the first trading day following the third Friday of the month. U.S. markets will be closed on Monday, January 19, for the Martin Luther King Jr. Day holiday.

Benchmarks Impacted by the Revision

Under the announcement, Walmart will be included in the Nasdaq-100 Index, the Nasdaq-100 Equal Weighted Index, and the Nasdaq-100 Ex-Tech Sector Index. AstraZeneca will be removed from all three benchmarks. Nasdaq also said AstraZeneca will be deleted from several Nasdaq-100-related variants, including the Nasdaq-100 ESG Index, as well as versions labelled “ex Top 30,” “sustainable ESG select,” “low volatility,” and selected equal-weight indices.

Why the Nasdaq-100 Matters

The Nasdaq-100 tracks 100 of the largest non-financial companies listed on the Nasdaq Stock Market and is widely followed by investors. The index underpins some of the most actively traded market products, including exchange-traded funds and derivatives. As a result, changes to index membership can prompt passive funds and systematic investment strategies to buy or sell shares to align portfolios with the updated benchmark composition.

Rules-Based Index Maintenance

Although often associated with technology stocks, the Nasdaq-100 includes companies across multiple sectors, such as retail and healthcare. Nasdaq said constituent selection is governed by rules-based criteria, including eligibility, liquidity, and market capitalisation, rather than sector focus alone.

The exchange added that the revisions are part of its routine index maintenance process, aimed at ensuring the benchmarks remain representative of the largest eligible non-financial Nasdaq-listed companies as listings and market capitalisations change over time.