The recent market rotation toward small caps and value has also extended toward sectors, with Technology, which was one of the top-performing sectors of 2025, turning from a leader into a laggard in January.

Walmart has had an amazing run so far during the 2020s, with its market cap rising from a little more than $300 billion in early 2020 to more than $1 trillion today.

Despite strength in defensive sectors and select earnings winners, a deepening selloff in enterprise software stocks and a sharp decline in PayPal Holdings Inc. weighed heavily on sentiment.