2 Consumer Discretionary Stocks To Watch In January 2023

In brief, consumer discretionary stocks are a category of stocks that relate to products and services that are considered non-essential by consumers but are still desired or preferred. These types of stocks can be more volatile than stocks in other sectors, as consumer spending habits can change quickly in response to economic conditions or shifts in consumer preferences. Examples of consumer discretionary companies include retailers, restaurants, and media and entertainment companies.

When evaluating consumer discretionary stocks, it is important to consider the financial health of the company, as well as the current state of the economy and consumer sentiment. Strong economic conditions and high consumer confidence can lead to increased demand for non-essential products and services, which can benefit consumer discretionary companies and their stock prices.

Overall, consumer discretionary stocks can be a risky but potentially rewarding addition to an investment portfolio. It is important for investors to thoroughly research and carefully consider the specific companies and industries they are considering investing in, and to diversify their portfolio to spread out risk. Accordingly, if you are keen on investing in the consumer discretionary sector in 2023, here are three stocks to watch in the stock market this upcoming week.

Consumer Discretionary Stocks To Watch Now

First up, Amazon.com, Inc. (AMZN) is a multinational technology company. The company offers e-commerce, cloud computing, and artificial intelligence services. For context, Amazon is one of the largest online retailers in the world. What’s more, they also provide a marketplace for third-party sellers, cloud computing services through its Amazon Web Services division, and various consumer electronics and digital media through its subsidiaries.

AMZN Recent Stock News

At the beginning of December, Amazon Web Services (AWS) announced that Yahoo will be using AWS as its preferred cloud provider for its advertising technology business, Yahoo Ad Tech. Yahoo Ad Tech will be migrating all of its advertising technology workloads. This includes media-buying and supply-side platforms, analytics, and identity solutions, from its on-premises data centers to AWS.

This is part of its digital transformation strategy to reduce IT infrastructure costs and improve advertising business operations. This will also allow Yahoo to develop more tailored and immersive solutions to help brands connect with their audiences.

AMZN Stock Chart

In the last month of trading, shares of AMZN stock have dropped by 4.73%. Though on Friday, AMZN stock closed the day up 3.56% at $86.08 a share.

Source: TD Ameritrade TOS

[Read More] Good Stocks To Buy For 2023? 3 Healthcare Stocks To Know

Home Depot (HD Stock)

Next, The Home Depot Inc. (HD) is a home improvement retailer that sells building materials, home improvement products, and lawn and garden products. Altogether, Home Depot operates stores in the United States, Canada, and Mexico. The company also has an e-commerce platform.

HD Recent Stock News

This past week on Thursday, The Home Depot announced an expansion of its Pro Xtra loyalty program for professional contractors and builders. The expansion includes the introduction of three new membership tiers: Member, Elite, and VIP. Each tier offers a range of benefits, including specialized perks, business tools, exclusive sales and events, paint rewards, and more.

Evidently, as customers spend more money, they will be able to unlock additional perks. This includes perks such as a dedicated support line and preferred pricing. Additional benefits for all tiers will be released throughout the year. The Pro Xtra program is designed to help contractors and builders manage and grow their businesses and access exclusive offers from The Home Depot.

HD Stock Chart

In the last month of trading action, shares of HD stock have fallen a modest 2.02%. Additionally, as of this past Friday, Home Depot stock is trading at $317.53 a share.

HD stock chart
Source: TD Ameritrade TOS

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