The stock market grew on Monday, as investors looked ahead to a busy week headlining key inflation data and the start of earnings season.
Overall, S&P 500 and NASDAQ were up 0.2% to 4,410 and 13,685, respectively.
Tweet of the Day
A #MysteryBroker update reiterates his negative market stance. He sees a Catch-22: "The only way the Fed lowers rates is either when the core PCE inflation rate falls to 2%, which would be next spring, or if we enter a recession. Either scenario is not good for the stock market."
— Michael Santoli (@michaelsantoli) July 10, 2023
Chart of the Day
Here is the one-year chart of MongoDB (MDB) as of June 21, 2023, when the stock was at $373.
MongoDB is a database platform that helps software developers build internet applications that utilize vast volumes of data, while improving developer productivity (which developers like). Its architecture makes it easy for developers to manage data and to build and maintain applications.
MongoDB saw more companies choosing their platform to run new AI applications with more than 200 of Atlas new customers being AI companies. Management believes that MongoDB is expected to be a net beneficiary of new AI advancements because if you are gonna build a new app you, might as well start it off right with MongoDB’s cloud-based Atlas platform. With AI increasing developer productivity, the volume of new applications will increase, driving further demand for MongoDB.
Profit grew 180% and blew away expectations of -5% while revenue grew 29% driven by record-number additions of new workloads from existing customers. Management is seeing new business as well as growth within existing customers.
MDB is on the radar for the Growth Portfolio.
