The stock market extended its winning streak to five days after consumer prices data came out better than expected. Reports showed that consumer price index for July rose 0.2% month-over-month and 2.9% year-over-year. This was the first time that annual inflation rate fell below 3.0% since March 2021.
Overall, S&P 500 increased 0.4% to 5,455, while NASDAQ was flat at 17,193.
Tweet of the Day
This is Bullish https://t.co/w7hSxVqHUo
— David Sharek (@GrowthStockGuy) August 6, 2024
Chart of the Day
Here is the one-year chart of Alphabet (GOOGL) as of July 24, 2024, when the stock was at $173.
Alphabet delivered strong results last quarter. It reported a 31% profit growth on a 14% revenue which is considered as an upside quarter. However, YouTube’s revenue growth was not as robust as last quarter, with revenue increasing by only 13% compared to 21% in the previous quarter. Search revenue rose a solid 14% and remains the largest contributor to revenue growth. Google Cloud was great with 29% revenue growth year over year. AI is a bright spot for the company, with management mentioning tremendous momentum from AI investments in the earnings call.
GOOGL is part of our Growth Portfolio, Conservative Growth Portfolio, and Aggressive Growth Portfolio.
