Stock Market Inches Higher as Fed Minutes Signal Rate Hike Slowdown

The stock market rose on Wednesday as the Federal Reserve’s November meeting minutes showed that the central bank is looking to slow down the pace of interest rate hikes soon.

Overall, S&P 500 increased 0.6% to 4,027, while NASDAQ went up 1.0% to 11,285.

Tweet of the Day

Chart of the Day

Our chart of the day is the one-year chart of Datadog (DDOG) as of November 14, 2022, when the stock was at $80.

Datadog helps organization monitor their websites and application. It seems to be the best company in data monitoring and analysis.

DDOG was one of the stock market’s hottest stocks during 2020 and 2021. The stock rose from $38 to $178. However, 2022 has been a different story, as the shares have slid to $80, while growth has remained good.

David Sharek thinks the slide might continue, because of year-end tax loss selling and the fact that growth is set to slow.

DDOG is on the radar for the Growth Portfolio and Aggressive Growth Portfolio. David Sharek is moving down his Fair Value from 20x revenue to 15x. That gives us a Fair Value of $103 for 2023, which is a nice upside.

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