3 Consumer Stocks To Watch In August 2023

Articles From: StockMarket.com
Website: StockMarket.com

Consumer stocks to watch in the stock market today.

The consumer sector, also known as the consumer discretionary sector, is a segment of the economy that comprises companies engaged in the production or distribution of goods and services specifically designed to cater to the needs and wants of consumers. This broad sector includes a diverse range of industries such as retail, automobiles, entertainment, hospitality, and consumer electronics, among others. A significant aspect of this sector is that its performance is heavily tied to the health of the broader economy; when consumers have more disposable income, they are more likely to spend on non-essential items, thereby driving revenue for companies in this sector.

Investing in consumer stocks can be an appealing strategy for many reasons. First and foremost, these stocks, which include shares in companies that produce or sell consumer goods or services, can offer a direct way to tap into the strength of the consumer economy. During periods of economic growth, consumer stocks often flourish as consumer spending increases. Furthermore, many consumer stocks are known for their stability and long-standing track record of performance, making them attractive options for income-focused investors through dividends.

However, potential investors should be aware that this sector can be cyclical, meaning it might face downturns during economic recessions when consumer spending naturally contracts. Proper research and understanding of specific companies and market conditions are therefore crucial when considering an investment in consumer stocks. Keeping this on top of mind, here are three consumer stocks to check out in the stock market right now.

Consumer Stocks To Consider Today

Walmart (WMT Stock)

Starting off, Walmart Inc. (WMT) is a multinational retail corporation that operates a chain of hypermarkets, discount department stores, and grocery stores. Walmart is known for its wide variety of goods and low prices. As one of the largest companies in the world by revenue, Walmart plays a significant role in the global retail landscape, serving millions of customers across its numerous stores and online platforms.

Earlier this month, Walmart announced the date when it will report its second quarter FY 2024 earnings results. Specifically, the company is set to report its Q2 FY 2024 financial results on Thursday, August 17, 2023.

YTD, shares of WMT stock have increased by 11.07% so far. Meanwhile, during Wednesday morning’s trading session, Walmart stock opened up modestly by 0.20% at $159.49 per share.

Walmart (WMT Stock)

Source: TD Ameritrade TOS

TJX Companies (TJX Stock)

Second, The TJX Companies Inc. (TJX) is a leading off-price retailer of apparel and home fashions, operating stores in the United States and internationally. TJX owns several well-known chains, including T.J. Maxx, Marshalls, and HomeGoods.

Just this morning, Wednesday, TJX Companies reported a beat for its second quarter of fiscal year 2024 financial results. Diving in, the company announced earnings of $0.85 per share with revenue of $12.76 billion. This is compared to Wall Street’s consensus estimates which were earnings of $0.76 per share along with revenue of $12.40 billion. Moreover, revenue increased by 7.73% on a year-over-year basis.

In 2023 thus far, shares of TJX stock have advanced by 12.06%. While, during Wednesday’s mid-morning trading session, TJX stock is trading higher off the open by 3.23% at $88.54 per share.

TJX Companies (TJX Stock)

Source: TD Ameritrade TOS

Lowe’s Companies (LOW Stock)

Last but not least, Lowe’s Companies Inc. (LOW) is a prominent American retail company specializing in home improvement products. Lowe’s operates more than 2,000 home improvement and hardware stores across North America. Moreover, Lowes is one of the largest home improvement retailers in the world.

Just yesterday, Tuesday, Lowe’s Companies announced the date it will report its second quarter 2023 financial results. In detail, the company is set to announce its Q2 2023 earnings results ahead of the U.S. stock market opening on Tuesday, August 22, 2023.

Year-to-date, shares of Lowe’s Companies stock are up 13.14% so far. Meanwhile, during Wednesday’s mid-morning trading session, LOW stock is trading up off the open by 0.60% at $225.19 a share.

Lowe’s Companies (LOW Stock)

Source: TD Ameritrade TOS

Originally Posted August 16, 2023 – 3 Consumer Stocks To Watch In August 2023

Leave a Reply

Your email address will not be published. Required fields are marked *

Disclosure: Interactive Brokers

Information posted on IBKR Campus that is provided by third-parties does NOT constitute a recommendation that you should contract for the services of that third party. Third-party participants who contribute to IBKR Campus are independent of Interactive Brokers and Interactive Brokers does not make any representations or warranties concerning the services offered, their past or future performance, or the accuracy of the information provided by the third party. Past performance is no guarantee of future results.

This material is from StockMarket.com and is being posted with its permission. The views expressed in this material are solely those of the author and/or StockMarket.com and Interactive Brokers is not endorsing or recommending any investment or trading discussed in the material. This material is not and should not be construed as an offer to buy or sell any security. It should not be construed as research or investment advice or a recommendation to buy, sell or hold any security or commodity. This material does not and is not intended to take into account the particular financial conditions, investment objectives or requirements of individual customers. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice.