The stock market slid on Wendesday as Treasury yield kept on climbing to 4.25%. This is the highest level since July 26.
Overall, S&P 500 fell 0.9% to 5,797, while NASDAQ declined 1.6% to 18,277.
Tweet of the Day
American Express $AXP is one of the top holdings in my Conservative Growth Portfolio https://t.co/3yU2HMJLd9
— David Sharek (@GrowthStockGuy) October 19, 2024
Chart of the Day
Here is the one-year chart of TJX Companies (TJX) as of September 25, 2024, when the stock was at $118.
TJX Companies saw an increase in customer transactions last quarter, as it delivered 13% profit growth on 4% revenue growth. Same-store sales increased 4% driven by both the apparel and home categories growth. Marmaxx (i.e. Marshalls and TJ Maxx) led the way with a 5% increase in same-store sales. HomeGoods also did well, with a 2% rise in same-store sales.
The company also celebrated the opening of its 5,000th store, marking a significant milestone. It also announced an investment in Brands For Less, giving them a 35% ownership stake in a successful off-price retailer based in Dubai. This investment and a planned joint venture in Mexico represented another chance for TJX Companies to expand its global presence and strengthen its position in the off-price retail market.
Management feels confident about future sales and customer transactions, especially with consumers continuing to seek value as the Fall and Holiday seasons approached.
TJX is part of our Conservative Growth Portfolio. With a P/E of 28, the stock is slightly overvalued, but has good momentum.
