Earnings reports from several major retailers highlighted this week, along with plenty of economic data. Monday started strong, with the Nasdaq Composite (IXIC) marking its highest fence since April 21. The market extended its rally into Tuesday and the Dow Jones Industrial Average (DJI) recorded its longest winning streak since the end of May. Shares lost steam on Wednesday, however, amid data showing retail sales fell flat for July. Additionally, the US Federal Reserve Minutes of the July meeting revealed that the central bank plans to move forward with aggressive interest rate hikes. Stocks struggled to head on Thursday, ending with muted gains after better-than-expected initial unemployment insurance claims data and a sharp decline Sales of existing houses for July. By noon on Friday, major benchmarks are firmly in the red, with the S&P 500 (SPX) and the Nasdaq on course for a tumble. four weeks of consecutive victories.
walmart (WMT) and Home Depot (HD) Beating earnings highs and lows gave the market a boost on Tuesday, particularly as WMT surged as both stocks saw an increase in bullish options volume. Lowe’s (DOWN), Target (TGT), and TJX (TJX) were some of the names entering the results confessional the next day, though the results certainly weren’t as strong. Results from Target in particular added to weakness on Wall Street on Wednesday. Kohls (KSS) and Foot locker (FL) also announced their quarterly results this week, with Macy’s (M) is expected to report early next week.
posh mark (POSH) rebounded from its post-earnings slump on Monday after an upgrade from Barclays, while a downgrade from JP Morgan Securities sank vroom (VRM). Also this week, Cardinal Health (ACH) and Mattel (MAT) received bull ratings, while Focus on video communications (ZM), Verizon (VZ), and Facebook-parent Metaplatforms (META) fell after the bear notes.
Late August stays busy
There are still a lot of economic data on deck next week, with investors eyeing the S&P Purchasing Managers’ Index (PMI), as well as the latest Personal Consumption Expenditure (PCE) price index. Although the earnings season has cooled, several reports are also due. Meanwhile, Schaeffer’s senior quantitative analyst, Rocky White, has highlighted a key consumer strength indicator for traders to watch.
As of 2018, one of the most attractive sectors for growth-oriented investors has been the sports betting industry. That year, the United States Supreme Court allowed states to legalize sports betting. Since then, 30 states have passed this milestone, including New York and New Jersey, which are two key markets. In fact, New York State broke a record by legalizing online sports betting in January 2022.
So now is a good time to consider investing in sports betting stocks. Many of these stocks are trading at deep discounts amid the market selloff. The reason is competition. There are an almost endless number of online sportsbooks competing for consumer money.
And it would seem that there is enough income for everyone. According to Data Bridge Market Research, the global sports betting market is expected to grow at a compound annual growth rate of 10.26% by 2029.
That said, sports betting stocks are definitely risky assets. And the reward may be years away. But if you have the time and a tolerance for risk, here are seven sports betting stocks to consider for solid upside gains.
Check out “7 Sports Betting Stocks to Buy for Their Long-Term Possibilities”.