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Applied Materials, Kohl's, BJ's Wholesale Earnings: 3 Things to Watch

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Investing.com -- Wall Street tumbled on Wednesday after a weak earnings report by the discount retailer Target sparked a broad selloff across market sectors.

Investors are worried that the American consumer could rein in spending in the face of inflation and spark an economic downturn.

More retail earnings come out in the next few days, starting with Kohl’s and BJ’s Wholesale on Thursday. Most every retail stock sold off sharply on Wednesday after Target Corporation (NYSE:TGT) said rising costs ate into its profit by more than expected.

But even consumer staples such as Campbell Soup Company (NYSE:CPB) and Procter&Gamble Company (NYSE:PG) are getting hammered in the market rout, and it remains to be seen if investors will scoop up some of these downtrodden stocks once the dust settles.

Money set aside for discretionary purchases such as clothing and household items such as televisions is now being used to pay for higher food costs and fuel, and people are diverting spending to activities and experiences outside the house after two years of pandemic.

Oil prices are also a concern, as they have contributed to the inflation that is hitting household pocketbooks. Crude Oil WTI Futures settled around $109 a barrel, but gasoline prices are now above $4 a gallon in every U.S. state, and heading toward $6 a gallon just in time for summer road trips.

Here are three things that could affect markets tomorrow:

1. Applied Materials earnings

Applied Materials Inc (NASDAQ:AMAT), which makes equipment for chip makers, is expected to report earnings of $1.90 a share on revenue of $6.35 billion, according to analysts tracked by Investing.com.

2. Kohl’s outlook

The department store operator Kohl's Corp (NYSE:KSS) is expected to report earnings of 67 cents a share on revenue of $3.7 billion, but analysts will be comparing it to Target and Walmart (NYSE:WMT) and listening for guidance on costs and supply chains.

3. Warehouse store earnings

BJs Wholesale Club Holdings Inc (NYSE:BJ) warehouse club is expected to report earnings of 70 cents a share on $4.2 billion of revenue, and analysts will be listening to what executives say about consumer spending trends.

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