3 stock picks for a shockingly resilient consumer market – Yahoo Finance

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One week into 2024, investors are being hit with several truths.
The first truth is that “Magnificent Seven” stocks don’t go up every single day (despite what December’s action showed), and the downgrade buzzards on Wall Street lurk.
Apple (AAPL) shares are being hammered by analyst downgrades. Tesla (TSLA) is under pressure after meh delivery numbers. Nvidia stock (NVDA) is treading water following a ginormous year of gains.
Another truth is this is a market that will remain super sensitive to anything that dents the view that a barrage of interest rate cuts is coming this year. So bulls, root for subpar macroeconomic data if you must.
And the last truth is that the US consumer hasn’t fallen apart and is unlikely to do so in the first half of 2024. I mean, how else can one interpret the eye-popping December jobs report from Friday?
The labor market added 216,000 jobs in December, up from 173,000 in November. Economists had expected 175,000 for the month.
The US economy created 2.7 million new jobs in 2023. Unemployment is plumbing record lows. Wages are still rising.
“The economic backdrop is solid and provides a strong cushion for continued consumer spending,” LPL chief global strategist Quincy Krosby told Yahoo Finance Live.
How do you play this shocking resilience from an investing standpoint?
Experts are signaling to stick with the consumer winners of last year.
Looked at another way, pay up to own stocks of companies gaining clear market share or benefiting from economic and societal tailwinds.
One of my favorite retail analysts, Matt Boss over at JP Morgan, just lifted his same-store sales estimates on Lululemon (LULU), a name he has been bullish on. The company continues to dominate the athleisure space with extra high-quality offerings that are commanding ever premium prices.
Boss also upped his profit estimates on Abercrombie & Fitch (ANF). I can’t say I am surprised — the company had a massive third quarter of sales and probably did so again during the holidays. The brand is once again the go-to destination for sub-30-year-olds.
More on why in my chat with Abercrombie & Fitch CEO Fran Horowitz in the above episode of Yahoo Finance’s Lead This Way.
Elsewhere, analysts that cover Costco (COST), such as Jefferies’ Corey Tarlowe, struck very bullish tones upon receiving Costco’s December sales results late last week. Costco posted a December same-store sales increase of 8.1%, with growth in all product categories.
“We see prospects for Costco to deliver comparable sales 1-2 percentage points above historical levels based on: 1) channel shift from traditional grocery, department stores, and specialty retail; 2) higher growth among Gen Y/Z demos with stronger skew toward club offerings; and 3) bigger baskets as customers increasingly shop categories beyond food,” Tarlowe wrote.
I suspect good news from many retailers — reflecting consumer resilience — will be on display this week at the ICR conference in Florida. Yahoo Finance’s Brooke DiPalma will be there all week reporting, so give her a follow on X, the platform formerly known as Twitter.
That said, not everything is perfect in consumer land — something acknowledged in Boss’s research.
“Digging deeper by demographic — excluding the $80 billion incremental COLA benefit (which impacts individuals aged 62 or over), our wallet analysis points to a $16 billion headwind on consumer spending for individuals under the age of 62 comprised of a $45 billion headwind from student loan repayment, $21 billion headwind from reduction in SNAP benefits, and $2 billion drag from tax refunds partially offset by a $51 billion tailwind from lower gas prices,” Boss noted.
But overall, the consumer has wind at its back. It’s worth doing a little bit of shopping for your portfolio in the new year.
Brian Sozzi is Yahoo Finance’s Executive Editor. Follow Sozzi on Twitter/X @BrianSozzi and on LinkedIn. Tips on deals, mergers, activist situations, or anything else? Email brian.sozzi@yahoofinance.com.
Click here for in-depth analysis of the latest stock market news and events moving stock prices.
Read the latest financial and business news from Yahoo Finance
Jobs report heated up debate between softer and harder economic landings.
Wall Street closed higher after a choppy session on Friday to finish the first week of 2024.
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You should do your best to avoid making similar mistakes too.
Among the Magnificent Seven stocks to buy and watch, Apple, Nvidia and Tesla stock are in new buy areas.
Among the so-called “Magnificent Seven,” Apple’s 2024 growth prospects looks underwhelming.
Nvidia shares rose Monday, landing their first record high since November. + Nvidia’s stock finished up 6.4% at $522.53, making it the S&P 500’s third-best performer. To set a record close, it needed to finish the they above $504.
Nvidia and other AI stocks were among the S&P 500’s biggest winners Monday. Boeing and several oil stocks led the downside.
Congressional leaders have reached an agreement on overall spending levels for the current fiscal year that could help avoid a partial government shutdown later this month. The agreement largely hews to spending caps for defense and domestic programs that Congress set as part of a bill to suspend the debt limit until 2025. In a letter to colleagues, House Speaker Mike Johnson said Sunday the agreement would secure $16 billion in additional spending cuts from the previous agreement brokered by then-Speaker Kevin McCarthy and President Joe Biden and is about $30 billion less than what the Senate was considering.
Challenges like cord cutting, a tough ad environment, and more pressure to turn profits may prompt companies to reevaluate their portfolios.
The Federal Reserve may have finished raising interest rates, and that portends upward momentum in the stock market.
Nvidia announced its RTX 40 Super cards at CES 2024 as it continues its push into AI.
What are the Magnificent Seven stocks? How much market cap weighting do AAPL, MSFT, GOOGL, AMZN, META, TSLA and NVDA have on the Nasdaq?
If Shiba Inu were to reach $1 per coin, a $100 investment at today’s prices would turn into roughly $10 million.
A confluence of factors combined to push the already red-hot AI growth stock higher today.
Atlassian (TEAM) appears to be an attractive investment option at the moment, with its strong portfolio, healthy demand environment and robust financials.
CES 2024 is here! The TechCrunch team is in Las Vegas this week to take in all of the action and decipher what it means to you. You already know what we’re expecting, so sit back, relax and stay tuned throughout the week as we bring you the products, announcements and startup news that you need to know. Kicking off the first day are some bigger announcements from companies, including Nvidia, LG and Samsung. Here are all the ways you can watch live. And here’s how you can follow along with our te
The filing reveals the businesswoman is paid more than the prime minister of Britain.
Imagine you have $50,000 to give to your daughter and her husband for a down payment on their new home. The question is, will you owe gift taxes because of your generous gesture? Despite popular framing, the federal gift and estate taxes only apply to very wealthy households. Unless you have approximately $13 million to […] The post I Want to Give My Daughter and Her Husband $50,000 For a Down Payment. Do I Have to Worry About the Gift Tax? appeared first on SmartReads by SmartAsset.
Fisker is going through some growing pains.

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