The stock market closed mixed on Tuesday as investors awaited the Federal Reserve’s key interest rate decision, with expectations of a rate cut on Wednesday.
Overall, S&P 500 was flat at 5,635, while NASDAQ rose 0.2% to 17,628.
Tweet of the Day
Good info here. Palantir's $PLTR US Commercial business (revenue) grew 55% last qtr, up from 40% two quarters ago. https://t.co/ib43h9xjJK
— David Sharek (@GrowthStockGuy) September 10, 2024
Chart of the Day
Here is the one-year chart of Meta Platforms (META) as of August 12, 2024, when the stock was at $516.
Meta Platforms had a strong quarter as profit growth surpassed estimates for the fourth consecutive quarter. It delivered profit growth of 73% last quarter and beat analyst estimates of 57%. This impressive performance was driven by a 22% increase in advertising revenue, resulting from a 10% rise in ad impressions and a 10% increase in the average price per ad. The company’s focus on AI improvements and the release of new products (e.g. Ray-Ban Meta glasses and Quest 3 give) Meta Platforms growth opportunity. AI has been a big boost to advertisers getting better results in ads. Management said that the company’s AI is expected to become the most used AI assistant in the world by the end of the year.
META is part of our Growth Portfolio and Aggressive Growth Portfolio.
