The stock market was down on Friday, as higher-than-expected inflation data and hawkish comments from the Fed continued to weigh on investor sentiment.
Overall, S&P 500 declined 0.3% to 4,079, while NASDAQ decreased 0.6% to 11,787.
Tweet of the Day
$GOOGL Shocking slowdown to +1% rev growth (+6% last Q), WTF 😳? Cloud +32% 👍, but down from +38% last Q. YouTube, Search, Ad Network, Services: All shrinking 😵! Margin fell from 29% to 24%. WTF is going on & how will this turn? Still a monopoly yes, but what’s in it for us? 🤔 pic.twitter.com/DpK6wSV1zR
— Wasteland Capital (@ecommerceshares) February 2, 2023
Chart of the Day
Our chart of the day is the one-year chart of Alphabet (GOOGL) as of February 8, 2023, when the stock was at $99.
Alphabet’s mission is to organize the world’s information and make it universally accessible. The company’s main division, Google Search, performs more than a trillion searches per year. The company also has YouTube, Android, Google Chrome, Google Maps, Gmail and the mobile phone, Pixel.
GOOGL has been in the news this month as ChatGPT’s artificial intelligence is being utilized in Microsoft’s Bing search engine, and that could bring the end to Google’s search dominance. ChatGPT is a chatbot used to write articles and answer questions with impressive expertise. The company has an AI version of ChatGPT called Bard, which had a demonstration earlier this month and answered a question incorrectly. That sent GOOGL’s shares lower.
GOOGL is part of the Growth Portfolio and Conservative Growth Portfolio.
