At a time when the American consumer’s resiliency has been questioned amid signs of a slowing economy, Walmart Inc. has thrived. The world’s largest retailer, famed for its discount prices but increasingly known for its pursuits in advertising and an online marketplace, is headed for its best year since 1998.

Last week’s selloff, which comes on the heels of what has been a generally successful earnings season for Corporate America, has investors bracing for one final test: a reading on the state of the consumer from a series of retail bellwethers who report in the coming days.

Analysts are growing increasingly doubtful that US consumer spending will hold up into next year, even as American shoppers continue to be surprisingly resilient despite lingering inflation and elevated borrowing costs.