One prominent theme this earnings cycle is the prioritization of value by both companies and consumers.

For example, Zoom's enterprise customer count decreased by about 2,600 QoQ, even after adjusting for the reclassification of lower-revenue clients, as companies cut non-essential services.

Similarly, Target is reducing prices on 5,000 items to compete with Walmart, which has effectively wooed over many high-income, value-seeking consumers. Target also launched a new brand, "dealworthy," to rival discount retailers like TJX and improve its own value propostition.

This consumer focus on value benefits TJX, the parent of T.J. Maxx, Marshalls, and HomeGoods, which offers discounted but higher-branded goods.

Last quarter, TJX reported a 13% year-over-year increase in holiday sales, driven by consumers seeking deals.

The company's Homegoods banner has benefitted from the closing of Bed Bath & Beyond and anticipates additional tailwinds as Macy's shutters 150 stores.

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