NASDAQ-100 Rebalance: Walmart Joins as AstraZeneca Exits

The NASDAQ-100 rebalance scheduled for January 20, 2026, will see Walmart added to the index, replacing AstraZeneca. The change takes effect before the market opens and will impact funds tracking the index, including QQQ.

This move highlights how the NASDAQ-100 continues to evolve beyond its traditional image as a pure technology benchmark. While still growth-focused, the index increasingly reflects large-cap companies driving scale, data, logistics, and digital infrastructure.

Walmart’s inclusion signals recognition of its transformation into a tech-enabled retail giant. Its investments in e-commerce, automation, advertising, and data-driven logistics have positioned it closer to a platform business than a traditional bricks-and-mortar retailer.

For passive investors, index additions often create short-term buying pressure as tracking funds rebalance their holdings. That dynamic can influence price action around the effective date, even though it does not change the company’s fundamentals.

AstraZeneca’s removal does not necessarily reflect weakness in the business itself. Instead, it highlights how sector balance, market capitalisation, and index rules can reshape exposure over time, particularly when healthcare faces rotation against consumer and technology-led growth.

For QQQ investors, this rebalance slightly increases exposure to consumer-driven earnings and operational scale. It also reinforces a broader trend within the NASDAQ-100 toward companies that blend technology with real-world distribution and cash flow strength.

As always, index changes matter most for positioning and flows, not long-term company quality. Understanding why these shifts happen helps investors stay aligned with how major benchmarks are constructed and where capital is moving next.