The stock market closed higher on Monday ahead of the latest monthly update on sales at retailers. Tech stocks also rebounded and lifted the market.
Overall, S&P 500 rose 0.6% to 4,490, while NASDAQ increased 1.1% to 13,788.
Tweet of the Day
Total worth of U.S. homes hit record $46.8 trillion in June, above prior all-time high of $46.6 trillion a year ago … number of homes for sale in U.S. dropped by 15% year/year to an all-time low in June (biggest annual decline in nearly 2 years) per @Redfin pic.twitter.com/FhGaoDrodQ
— Liz Ann Sonders (@LizAnnSonders) August 14, 2023
Chart of the Day
Here is the one-year chart of Tractor Supply (TSCO) as of August 2, 2023, when the stock was at $226.
Tractor Supply is the largest rural retail store chain in America. The company sells livestock feed, farm equipment, seasonal outdoor products and work clothing.
Last quarter, Tractor Supply delivered underwhelming results as with challenges related to seasonal trends. Overall, profits rose a modest 8% and missed estimates of 12%. Inflation is hampering customers, who cut back on Spring seasonal items. Big ticket items like riding lawnmowers, generators and recreational vehicles were down more than 15% last quarter. Still, this company is around a 8% to 12% profit grower anyway, so that wasn’t a big deal. The best thing in the earnings call was management increasing its projected store count to 3000, up 200 stores.
TSCO is part of the Conservative Growth Portfolio.
