That track record makes the retail giant one of the more reliable performers during a month widely regarded as one of the toughest in the annual trading calendar. However, 2026 may present a different story, as a recent earnings report left investors rattled and sent the stock sharply lower. 5% on August 23, 2026, marking the company’s biggest single-day decline since 2022, a fall that raised fresh questions about near-term momentum. The sell-off came after the retailer’s latest earnings figures disappointed the market, undermining confidence heading into what is already a historically volatile period. A drop of that magnitude so close to September creates an unusual setup, one that could challenge the stock’s otherwise strong seasonal pattern for the month.