Stocks Finish Slightly Higher Amid Anticipated Faster Rate Hike

The stock market ended Wednesday almost flat, as traders consider a faster rate increase from the central bank.

Fed Chair Jerome Powell’s Senate testimony cautioned that the central bank’s could raise rates higher-than-anticipated interest due to high economic data.

Overall, S&P 500 went up 0.1% to 3,992, while NASDAQ increased 0.4% to 11,576.

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Chart of the Day

Here is the one-year chart of Starbucks Corp. (SBUX) as of February 22, 2023, when the stock was at $105.

SBUX sells handcrafted coffee, tea, and other beverages and food items through company operated stores and licensed stores. The company also sells packaged coffee, tea, and ready-to-drink beverages in grocery stores.

In last qtr’s earnings call, Starbucks’ (SBUX) CEO said huge consumer demand in China is waiting to be unleashed. This is great news, as outside of China, stores are rolling in the revenue.

Last qtr, SBUX profits increased 4% as revenue grew 8%, sparked by solid sales gains everywhere outside of China.

China could become a strength in the upcoming quarters as the government has loosened COVID restrictions.

SBUX is part of the Conservative Growth Portfolio.

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