The stock market rebounded on Friday after Federal Reserve Jerome Powell’s Jackson Hole speech signaled that interest rate cuts are coming.
Overall, S&P 500 rose 1.2% to 5,635, while NASDAQ increased 1.5% to 17,878.
Chart of the Day
Here is the one-year chart of Waste Management (WM) as of July 31, 2024, when the stock was at $203.
Waste Management is set to acquire Stericycle, a leader in the medical waste industry. Stericycle is known for needle disposal in hospitals, clinics, and doctor offices. It also owns Shred-it, a company which offers paper shredding services to businesses and organizations. It is expected to register $2.7 billion in revenue this year, compared to Waste Management’s $21.6 billion. Stericycle adds medical waste as a new vertical within its business. The company has also closed more than $750 million in solid waste acquisitions so far in 2024, including operations in New York, Florida, North Carolina, and Arizona. Waste Management is also expected to bring five new natural gas projects online in 2024.
WM is part of the Conservative Growth Portfolio. It is a buy-and-hold Blue Chip stock.
