The stock market closed higher on Monday as investors assessed ongoing debt-ceiling negotiations.
Treasury Secretary Janet Yellen mentioned last week that failure to close an agreement may lead to a financial chaos.
Overall, S&P 500 rose 0.3% to 4,136, while NASDAQ grew 0.7% to 12,365.
Tweet of the Day
The latest BofA consumer spending report from a few days ago shows quite the slowdown in consumer card spending, with especially services (which have been growing dramatically) slowing hard. The debate is if this was temporary due to Easter (making y/y comps poor) or not. pic.twitter.com/glSCJNT8Qi
— Wasteland Capital (@ecommerceshares) May 15, 2023
Chart of the Day
Our 
chart of the day is the ten-year chart of Visa (V) as of May 3, 2023, when the stock was at $226.
Visa is the world’s leader in digital payments, with more than 15,000 financial institutional clients. Today, it is working on expanding the ways that money can flow digitally, via person-to-person payments (P2P), business-to-consumer transactions (B2C), and business-to-business (B2B) transactions.
Visa continues to deliver solid results, while also expanding its business into different directions. First, let’s go over last qtr’s results. Profits up 17% last qtr on 11% revenue growth with strength seen in domestic spending and cross-border travel from Mainland China to Southeast Asia and Europe. Cross-border volume grew a sizzling 24% last qtr as International transaction revenue jumped 24%. Travel from Mainland China recovered rapidly in the quarter, and benefited other areas of Asia, especially Southeast Asia.
Visa is part of the Conservative Growth Portfolio and Growth Portfolio.
