The stock market ended lower on Tuesday as investors returned from a long holiday weekend. This was also dragged down by the rise in oil prices, which closed at $87 per barrel – its highest level since November 2022.
Overall, S&P 500 declined 0.4% to 4,497, while NASDAQ fell 0.1% to 14,021.
Tweet of the Day
Tesla’s Price Cuts are Unprecedented
I’ve been following the EV space semi-religiously… OK, very religiously, for over a decade. During that time, I’ve seen the public’s sentiment shift from having no idea that EVs were a thing, to having doubts that the technology would ever… pic.twitter.com/pdWaut5TZh
— Farzad Mesbahi (@farzyness) September 3, 2023
Chart of the Day
Here is the ten-year chart of S&P Global (SPGI), as of August 23, 2023, when the stock was at $392.
S&P Global’s operating results continue to improve. Management highlighted global bond issuance returning to positive growth of 8% as the company saw signs of stabilizing interest rates among central banks. Bond issuance was -7% two quarters ago. S&P Global also saw strong corporate issuance in both high-yield and investment-grade issuance. These improvements drove the Ratings segment to grow 8%, compared to -5% growth the prior quarter.
SPGI is part of the Conservative Growth Portfolio. AI could assist this company in the future, and management is already building apps in its Kensho machine learning division.
