The stock market closed lower as investors assessed fresh economic data. The core Personal Consumption Expenditures (PCE) price index, the Federal Reserve’s preferred inflation measure, rose 0.1% last month and 2.6% from the previous year. This brought the annual rate to 2.6% – the lowest since March 2021.
Overall, S&P 500 fell 0.4% to 5,460, while NASDAQ declined 0.7% to 17,733. The market wrapped up the first half of 2024 with gains.
Tweet of the Day
It’s time to expose Tractor Supply.
It’s one of the most beloved brands in 🇺🇸 by conservatives but what do they REALLY stand for under CEO @hallawton’s leadership?
• LGBTQIA+ training for employees
• Funding pride/drag events
• They have a DEI Council
• Funding sex changes… pic.twitter.com/F4tvNmNZ9f— Robby Starbuck (@robbystarbuck) June 6, 2024
Chart of the Day
Here is the one-year chart of Confluent (CFLT) as of May 28, 2024, when the stock was at $30.
Confluent delivered solid results last quarter. Revenue increased 25% year over year, while profits clocked in at $0.05 per share versus -$0.09 a year ago. Operating margin jumped to -1.5% from -23.1% a year ago. In the earnings call, management spoke enthusiatically about Tableflow, and the company’s data streaming platforms. Tableflow changes Apache Kafka topics into Apache Iceberg tables. David Sharek, Founder of School of Hard Stocks, studied these subjects and found them a bit confusing and hard to understand without doing a time-consuming deep dive on each.
CFLT stock has been flatlining in the past few months. Looking at the one-year chart, David Sharek is unsure if this stock can become a true market leader. He sold CFLT from our Growth Porftolio, as he does not believe that this is a must-own software stock.
