The stock market closed Friday lower, wrapping up their worst week of 2023. The core personal consumption expenditures price index rose 0.6% in January and 4.7% from the prior year.
The reported figures were stronger than expected, and that added concerns that the Fed may have to keep higher rates moving forward.
Overall, S&P 500 fell 1.1% to 3,970, while NASDAQ fell 1.7% to 11,395.
Tweet of the Day
$MELI directly reports ad revenues as a % of GMV: it was 1.4% in Q4 2022, up from 1.1% last Q. Its Ads biz is over 5x larger than 3Y ago; the company took in 2.7% of all digital ad spending in LatAm in 2022. $AMZN saw 7% of total GMV coming from its ads business in 2022 (US). pic.twitter.com/KMVMXEGFmZ
— Max Bosenko (@MaxTheComrade) February 24, 2023
Chart of the Day
Here is the one-year chart of S&P Global (SPGI) as of February 15, 2023, when the stock was at $368.
Last qtr, the Credit Ratings division – 24% is sales – had revenue down 29% year-over-year. The segment’s weakness was due to a decline in credit ratings volumes.
And with a 29 P/E, SPGI is not even a value yet. That is a high P/E for -19% profit growth
SPGI is part of the Conservative Growth Portfolio.
