The stock market closed mixed on Tuesday as investors assessed the tentative deal to extend the US debt ceiling for two years.
President Joe Biden and House Majority Leader Kevin McCarthy agreed to raise the debt ceiling and avoid a default last weekend. Congress is set to vote on the legislation on Wednesday.
Overall, S&P 500 was flat at 4,206, while NASDAQ posted 0.3% growth to 13,017.
Tweet of the Day
technology stocks just SURGED against $SPX – the straight up move led me to look more closely…
we just had the BIGGEST 10-day relative move at +7.1% since March 10, 2009. and, no, if you're wondering if stocks peaked on March 10, 2009, they didn't. they bottomed. big time. pic.twitter.com/UcS6GlH2Xp
— David Cox, CMT, CFA (@DavidCoxRJ) May 30, 2023
Chart of the Day
Here is the ten-year chart of MasterCard (MA) as of May 10, 2023, when the stock was at $383.
MasterCard is a technology company in the global payments industry that connects consumers, financial institutions, merchants, governments, digital partners, businesses and other organizations worldwide, enabling them to use electronic forms of payment instead of cash and checks.
MasterCard is finding good growth in its cybersecurity solutions, which utilize identity and authentication solutions to detect fraud. These services are included in the company’s Value Added Services and Solutions segment, which grew revenue 19% and made up 36% of total company revenue last quarter. This segment also includes data analytics, consulting and marketing services, as well as loyalty programs, which all saw healthy demand. Cross border travel was also strong with China outbound cross-border up nicely.
MA is part of the Conservative Portfolio and Growth Portfolio. This is a long-term high-teens grower in David Sharek’s opinion.
