The stock market kicked off final week of 2023 with gains. Wall Street clinched its 8th consecutive win streak last week and is looking to hold on its momentum to end the year.
Investors’ optimism on interest rate cuts drove stocks in the psat weeks.
Overall, S&P 500 rose 0.4% to 4,775, while NASDAQ grew 0.5% to 15,075.
Tweet of the Day
Ned Davis Research global strategy jacks equity exposure to the max 70% in the asset-allocation model, taking cash to zero. Was previously at max equities from Feb 2021 to Jan 2022, cutting back right as the market peaked. Was underweight stocks most of 2022, at 65% most of '23. pic.twitter.com/3G8neE75BQ
— Michael Santoli (@michaelsantoli) December 22, 2023
Chart of the Day
Here is the one-year chart of Floor & Decor (FND) as of December 6, 2023, when the stock was at $100.
Flooring retailer Floor & Decor’s numbers are bad. Last quarter, the company delivered -13% profit growth on just 1% revenue growth. Same-store sales (SSS) dropped 9% year-over-year. Floor & Decor is being hampered by high mortgage rates which are discouraging home buying and remodeling. Despite such, the bad news has not hurt the stock much, as it was up from $80 to $100 in just a month.
FND is part of the Growth Portfolio. Management previously stated that 80% of home buyers are above 20 years old, and millennials are entering their home buying years. These factors give the company growth opportunity for the future.
