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Stocks Extend Losses for Fourth Consecutive Day

The stock market closed lower on Thursday for a fourth consecutive session, as the Federal Reserve signaled that a rate cut will not come anytime soon. Such came after the central bank implemented a fourth consecutive interest rate hike of 75 basis points.

Investors’ attention also shifted their attention to October jobs report, which will be released on Friday.

Overall, S&P 500 declined 1.1% to 3,720, while NASDAQ fell 1.7% to 10,343.

Tweet of the Day

Chart of the Day

Our chart of the day is the one-year chart of Supermicro (SMCI) as of November 3, 2022, when the stock was at $81.

Supermicro is a Silicon Valley-based manufacturer of server and storage systems for enterprise data centers, cloud computing, artificial intelligence (AI), 5G and edge computing. Its systems use less power than its competitors, which saves the customer money and makes for a greener environment.

This stock is one of the market’s hottest right now. And still, the valuation is quite low as the stock has a P/E of only 9. Notice qtrly profit growth is not only in the triple-digits, but is also accelerating. This company is delivering phenomenal growth.

SMCI was added to the Growth Portfolio and Aggressive Growth Portfolio today. David Sharek’s Fair Value is a P/E of 20.

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