The stock market dropped on Thursday as latest economic data indicate that inflation could still postpone the central bank’s interest rate cuts. Services and manufacturing data for May exceeded investors’ expectations. Initial job claims for the week ending May 18 stood at 215,000 versus estimates of 220,000.
Overall, S&P 500 fell 0.7% to 5,268, while NASDAQ declined 0.4% to 16,736.
Tweet of the Day
This is how you do it people pic.twitter.com/t1GI8VTqiq
— Marcelo P. Lima (@MarceloPLima) May 17, 2024
Chart of the Day
Here is the ten-year chart of O’Reilly Automotive (ORLY) as of May 9, 2024, when the stock was at $1,031.
O’Reilly Automotive is expanding into Canada. In January, the company acquired Canada’s Groupe Del Vasto out of Montreal, Canada. This brought an additional 23 stores into the mix. More importantly, it got the company access to the Canadian auto parts market. Meanwhile, the expansion into Mexico is going well. O’Reilly Automotive has been in Mexico since 2019, but opened a new distribution center last year that can source parts to 250 locations. The company opened 20 mexican stores during the past 12 months, and now has a total of 63 in the country. O’Reilly Automotive has new opporunities to expand into other countries, but they have to move faster.
ORLY stock is part of the Conservative Growth Portfolio.
