The stock market slid on Wednesday as traders assessed latest corporate earnings. Investors also weighed the Federal Reserve’s outlook on future policy moves.
Today, Fed Chair Jerome Powell said that despite slowing inflation, interest rate hikes are still likely.
Overall, S&P 500 declined 1.1% to 4,118, while NASDAQ fell 1.7% to 11,911.
Tweet of the Day
This was the first cycle ever whereby stocks peaked several months before the (i) end of QE and (ii) rate hikes.
Given the strength in semis + Stage 1 breakouts in growth, perhaps this is the first time ever whereby the worst has also been discounted whilst Fed is still hiking!?
— Puru Saxena (@saxena_puru) February 8, 2023
Chart of the Day
Our chart of the day is the ten-year chart of Tractor Supply (TSCO) as of February 1, 2023, when the stock was at $230.
Tractor Supply is the largest rural retail store chain in America that sells livestock feed, farm equipment, seasonal outdoor products and work clothing.
The company continued to thrive with profit growth of 26% last qtr on 21% sales growth. This was attributable to continued strength daily needs-based merchandise which include consumable, usable and edible (C.U.E.) products, winter seasonal goods and year-round product categories.
TSCO is part of the Conservative Growth Portfolio.
