The stock market dipped on Tuesday as investors prepared for another anticipated rate hike from the Federal Reserve and jobs data later this week.
The Fed is widely expected to raise interest rates by 75 basis points on Wednesday.
Overall, S&P 500 declined 0.4% to 3,856, while NASDAQ fell 0.9% to 10,891.
Tweet of the Day
In the leadup to the Fed meeting, we got the money supply data for September. M2 -0.6% MoM, down in 3 of the past 4 months. A year ago, the YoY trend was +12.9%, now down to +2.6%, back to where it was in July 2010. Inflation is set to get crushed.#RosenbergResearch
— David Rosenberg (@EconguyRosie) October 31, 2022
Chart of the Day
Our chart of the day is the one-year chart of Tractor Supply (TSCO) as of October 22, 2022, when the stock was at $197. The stock seems to be building a nice base here. TSCO is a solid stock for investors searching for double-digit returns.
Tractor Supply is the largest rural retail store chain in America that sells livestock feed, farm equipment, seasonal outdoor products and work clothing.
TSCO is a relatively new addition to the Conservative Growth Portfolio.
