3 Stocks To Watch This Week: Best Buy, Chewy, Broadcom

 | Aug 28, 2022 21:28

  • Best Buy last month cut its profit and sales outlook; it blamed high inflation, which is eroding consumers' spending power.
  • Chewy gave a weaker revenue forecast for the current year as it navigates through escalating costs and supply-chain disruptions.
  • Investors will be keen to know whether Broadcom is facing a slowdown in demand in line with the broader market trend.

    • The stock market is again under pressure after the U.S. central bank’s clear warning last week that its fight against inflation is far from over and that investors should brace for some pain.

    Stocks reversed their upward trend after comments from Federal Reserve Chairman Jerome Powell on Friday, who said at the Jackson Hole, Wyo., conference that the policymakers plan to keep higher rates in place to fight inflation. The markets had expected a Fed pivot in which it might slow down hikes before eventually reversing course and cutting rates in the latter part of next year.

    The S&P 500 fell 3.4% for a weekly loss of 4%, and the tech-heavy NASDAQ Composite was hit even harder, down 3.9% Friday and 4.4% for the week.

    Aside from monetary policy direction, investors will also be watching earnings releases from some important U.S. companies, among the last to report in the current cycle. Here are three we're following:

    1. Best Buy

    Best Buy (NYSE:BBY), the big-box electronics and technology chain with stores throughout the U.S. and Canada, will release Q2 earnings on Tuesday, Aug. 30 before the market opens. The retailer is expected to report $1.29 per share profit and $10.29 billion in revenue, according to analysts’ consensus estimate.

    Best Buy last month cut its profit and sales outlook. The company blamed high inflation, which is eroding consumers' spending power and demand for electronics.