Walmart stock surges to all-time highs as sales jump even as other companies see consumers turn cautious

• Walmart's stock soared as much as 8.4% to all-time highs Thursday after reporting strong sales last quarter.
• Walmart is likely an outlier as consumers pull back on spending in general, analysts say.

US consumers, weary from high prices and inflation, are pulling back on spending — but they're still flocking to Walmart, where sales reached new highs in the most recent quarter, pushing its stock price to fresh records on Thursday.

The stock soared as much as 8.4% to an all-time high of $74.44. Walmart's shares have climbed over 39% this year alone.

The big gain in Thursday's session comes as the company reported strong sales growth in the most recent quarter, even as US consumers broadly turn cautious.

Walmart said US sales rose 4.2% year-over-year in the most recent quarter, the company said, versus estimates of 3.5%. The company also boosted its forecast for full-year sales growth to 3.75%-4.75%, up from 3%-4%.

The strong sales and numbers and upbeat guidance follow almost a decade of straight sales gains for the country's largest retailer.

Walmart is "on its own path," UBS retail analyst Michael Lasser said in a Thursday interview with CNBC. "This is less about what is happening with the overall consumer environment, because it has been challenging, and more about Walmart."

Lasser pointed to Walmart's convenience, compelling prices and growing online business. The fact that so many US consumers regularly shop at Walmart also gives the store more access points to engage its customers, he said.

US retail sales data for July posted a surprise increase, rising 1% last month.

Throughout this summer's earnings season, companies like McDonalds, Home Depot and Disney have reported weaker-than-expected spending, pointing to consumer fatigue from high prices after two years of high inflation.

Home Depot's CFO Richard McPhail said he's seeing a "deferral mindset" as consumers put off spending until they see lower prices and interest rates.

Consumer inflation is cooling, though, reaching its lowest level in over three years. The consumer price index rose 2.9% in July, according to data released Wednesday. The softer inflation data this week has markets believing that a September rate cut is certain.