Walmart CEO Doug McMillon says customers are exhibiting 'stressed behaviors'—and it's already tanked the company's valuation by $22 billion

(Credit: Getty Images—Bloomberg)

• Walmart’s market cap dropped by $22 billion after news broke Tuesday that consumer confidence in the U.S. plummeted to a 12-year low. CEO Doug McMillon had just said last month he’d noticed “stressed” behavior from consumers who were more budget-constrained.

Consumer confidence is waning—and it’s hurting retailers big and small. It has even come for the world’s largest retailer, Walmart, which lost nearly $22 billion off its valuation on Tuesday.