The stock market started the week lower as Treasury yields rose. The benchmark 10-yr yield was up at 3.6%, while the 2-yr yield jumped to 4.5%. After a strong jobs report last week, investors expect a more hawkish stance of the Federal Reserve.
Overall, S&P 500 fell 0.6% to 4,111, while NASDAQ declined 1.0% to 11,887.
Tweet of the Day
$spx failed at the upper Bollinger band on the weekly chart. pic.twitter.com/hbkEBvCAxI
— Michael J. Kramer (@MichaelMOTTCM) February 3, 2023
Chart of the Day
Our chart of the day is the one-year chart of Microsoft (MSFT) as of February 1, 2023, when the stock was at $253.
Microsoft develops and supports software, services, devices and solutions that help people in business. Products include computer operating systems such as Windows, productivity applications including Excel and Word, software development tools including Azure, computing devices with its Surface tablets, and video games with its Xbox devices. The company also owns the top social media site for business relationships in LinkedIn.
This stock has been going lower, and that’s because qtrly profit growth has slowed. Five qtrs ago, MSFT had a P/E of 36. Despite a P/E of 27 now, the stock is still not cheap.
MSFT is part of the Conservative Growth Portfolio.
