The stock market traded mixed on Tuesday as investors assessed the implications of higher-than-expected January inflation data.
The consumer price index rose 0.5% in January, which was 6.4% on an annual basis. This exceeded estimates of 0.4% for the month and 6.2% for the year.
Overall, S&P 500 closed flat at 4,136, while NASDAQ was up 0.6% to 11,960.
Tweet of the Day
$CDNS is coming up the right side of an over-a-year long consolidation. It forms a handle with 3 weeks of tight closes (191.82 std pivot). EPS on 2/13, AMC. pic.twitter.com/Xakf6RcliD
— TML Trader (@TMLTrader) February 12, 2023
Chart of the Day
Our chart of the day is the one-year chart of Arista Networks (ANET) as of November 16, 2022, when the stock was at $131. Back then the stock was $131. Today, ANET closed at $141 and broke out on HIGH VOLUME.
Arista Networks makes network switches that help computer servers communicate in datacenters. It provides Gigabit Ethernet to many companies that run high volume servers that require a lot of bandwidth. Gigabit Ethernet switches are the hardware that connects computer and servers in local networks. The faster the Ethernet switch, the faster data is transmitted between the computers and the local networks.
[Artificial Intelligence] requires networking equipment, and Arista Networks is the Cisco Systems of today.
– David Sharek, Founder of The School of Hard Stocks
ANET is part of the Growth Stock Portfolio and Aggressive Growth Portfolio.
