The stock market kicked off November with gains as investors shrugged off disappointing monthly jobs report. October jobs report showed that US economy only added 12,000 jobs during the month, significantly below estimate of 100,000 and the weakest level since December 2020.
Overall, S&P 500 rose 0.4% to 5,729, while NASDAQ increased 0.8% to 18,240.
Tweet of the Day
Sterling Construction $STRL is one of the top stocks on my radar. This construction company is seeing higher profits from Datacenter construction.
STRL's revenue from Datacenter buildouts grew more than 100% last qtr, with the company having a big backlog.
Management… pic.twitter.com/mFy44uUttk
— David Sharek (@GrowthStockGuy) October 29, 2024
Chart of the Day
Here is the one-year chart of Pepsico (PEP) as of October 17, 2024, when the stock was at $175.
PepsiCo had a poor performance last quarter as US volume declined. Management stated that inflation and high borrowing costs have resulted in tighter wallets within households. As the economy is soft, it also said that consumers are more value-conscious with their spending across brands, and buy cheaper drinks and snacks. Note that profit growth has slowed down.
PEP is a core holding in our Conservative Growth Portfolio.
