Kapusta Financial Group

Walmart crossed the $1 trillion market cap threshold on Tuesday for the first time ever, putting the world's largest retailer into a category typically made up of Big Tech companies. Walmart has ramped up its digital footprint providing new online offerings for wealthier shoppers seeking convenience while maintaining household value for consumers.

Chart: Bloomberg

According to the New York Federal Reserve, overall household debt rose 1% from a year ago to $18.6 trillion in the third quarter. Most categories of borrowing increased relative to the second quarter: Mortgage balances increased by $137 billion, credit card balances rose $24 billion and student loans were up $15 billion. Auto loan borrowing remained stable.

Source: Reuters/New York Federal Reserve Chart: Reuters

Experts address a workforce shift in corporate America as companies continue mass job layoffs influenced by AI automation, a tough economic climate, and post-pandemic re-structuring efforts. Additionally, slower revenue growth in some sectors contributes to the workplace disruption. Here are a few of the companies that have announced layoffs:

UPS laid off 48,000 this year
Nestle will be eliminating 16,000 positions over the next two years
Amazon will cut 14,000 jobs
Target will be cutting 1,000 corporate positions

Source: FoxBusiness

The 10 largest publicly traded companies have market capitalizations of roughly $1 trillion or more. The top spot has fluctuated between Microsoft, Apple and NVIDIA in recent months as the demand for artificial intelligence (AI) grows. Warren Buffett's Berkshire Hathaway is the only non-tech company on the list.