The stock market was mixed on Wednesday, driven by an increase in Treasury yields and oil prices.
The benchmark 10-year Treasury yield hit its highest level since 2007, moving above 4.6%. Meanwhile, oil prices reached 202as3 new highs with U.S. crude settling at $93.68 per barrel, up by more than 3%.
Overall, S&P 500 closed flat at 4,275, while NASDAQ was up 0.2% to 13,093.
Tweet of the Day
Russia and OPEC are now cutting a massive 4 million barrels per day of crude oil production.
This is the highest level of production cuts outside of recessions over the last two decades.
As Saudi Arabia and Russia extend production cuts of 1.3 million barrels per day, supply is… pic.twitter.com/Dpw6t4NtSb
— The Kobeissi Letter (@KobeissiLetter) September 26, 2023
Chart of the Day
Here is the one-year chart of Crowdstrike (CRWD) as of September 13, 2023, when the stock was at $168.
Crowdstrike is one of the world’s largest cybersecurity companies, serving 556 of the Global 2000, 271 of the Fortune 500, and 15 of the top US banks as of January 21, 2023. The company provides is a crowd-sourced security, which is software that learns from cyber attacks.
Crowdstrike delivered a strong quarter amid continuing scrutiny of IT spending among enterprises. Last quarter, profit grew 106% year-over-year (y.o.y.), with revenue growth at 37%. The stock went higher on the news, which is a positive. Moving on to AI, Crowdstrike is currently hosting its Falcon customer conference where it is introducing its Charlotte generative AI addition to its platform. Charlotte will make it so security teams can communicate with the Falcon platform by speaking. This is expected to reduce the time needed to sniff out a security threat. Charlotte will also automate workflows, which fuels module adoption.
CRWD is part of the Aggressive Growth Portfolio and Growth Portfolio.
