The stock market closed lower on Friday, and recorded its worst week since March. This was also the market’s fourth straight day of losses as investors weighed on the Federal Reserve’s intention of keeping interest rates higher over a longer period of time.
Overall, S&P 500 sank 0.2% to 4,320, while NASDAQ fell 0.1% to 13,212.
Tweet of the Day
BREAKING: Average interest rate on a 30-year mortgage rises to 7.75%, the highest since November 2000.
This officially more than a whole percentage point above the 2008 highs.
Mortgage rates are now up 500 basis points in just over 3 years.
The payment on a $500,000 mortgage… pic.twitter.com/O8K2dIE1ST
— The Kobeissi Letter (@KobeissiLetter) September 22, 2023
Chart of the Day
Here is the ten-year chart of The Trade Desk (TTD) as of September 6, 2023, when the stock was at $83.
The Trade Desk is a cloud-based software platform which allows advertising executives to manage digital ad campaigns across different spectrums, such as TV or the Internet, utilizing real-time data. The company specializes in programmatic advertising, which uses computer programs to purchase ads geared to people who might be interested in buying a product.
The Trade Desk’s data-first approach to programmatic buying is giving much-needed confidence to advertisers. Advertisers can customize campaigns informed by precise data, and put ads in front of their target audiences. As a result, the company is enjoying more business wins and multi-year joint business plans with leading agencies and brands. The Trade Desk has been gaining market share at the highest pace in the company’s history as advertisers have become more deliberate with their spending. Around 45% of its business last quarter was video, which includes Connected TV (CTV).
TTD is a core holding in the Growth Portfolio. David Sharek, Founder of School of Hard Stocks, thinks this company has a bright future as targeted ads become more popular in video.
