The stock market fell on Wednesday as the Federal Reserve continued raising interest rates. The central bank hiked rates by 25 basis points, as was widely expected.
Fed Chair Jerome Powell signaled that there would be at least one more rate hike this year.
Overall, S&P 500 declined 1.7% to 3,937, while NASDAQ plunged 1.6% to 11,670.
Tweet of the Day
Adobe just launched the beta of Firefly, their AI image creator.
And it's incredible!
– text-to-image
– AI 3D modelling
– AI Video editingThis is the first AI image generator built towards solving creator problems.
Here's a breakdown. pic.twitter.com/OlpaQTEwdD
— Sudharshan (@sudu_cb) March 21, 2023
Chart of the Day
Here is the one-year chart of Palo Alto Networks (PANW) as of March 7, 2023, when the stock was at $187.
Palo Alto Networks has the industry’s most comprehensive platform for large organizations, and delivers both hardware and software to prevent and/or stop breaches. This company is the top cyber-security provider within the Network Security business, and has recently broadened its spectrum and developed next-generation security platforms in cloud security, as well as data analysis to detect future events from occurring.
PANW delivered blockbuster results last quarter as profits soared 81% and beat estimates of 34%. The number of deals over $1 million, $5 million, and $10 million grew 20%, 84%, and 140%, respectively.
After the news, analysts took 2023 profit estimates up from $3.42 to $4.01. Meanwhile, PANW stock has been hot as it approaches All-Time Highs.
PANW is part of the Aggressive Growth Portfolio and Growth Portfolio.
