The stock market slipped on Wednesday as the Fed minutes showed that further rate increased may be implemented. Officials feared that the U.S. banking crisis could tip the economy into recession.
Meanwhile, inflation eases to 5% in March, its lowest level in nearly two years.
Overall, S&P 500 fell 0.4% to 4,092, while NASDAQ declined 0.9% to 11,929.
Tweet of the Day
I broke down the #inflation situation:
On the left is the 12-months before inflation peaked in June 2022. On the right is the next 12-months.
Inflation was high in May 22 (0.9%) and Jun 22 (1.2%). If this new low-inflation trend continues, we could be at ~3% inflation by Summer pic.twitter.com/RUBwSNR6Ki
— David Sharek (@GrowthStockGuy) April 12, 2023
Chart of the Day
Our chart of the day is the one-year chart of Salesforce.com (CRM) as of March 29, 2023, when the stock was at $197.
Salesforce is the world’s leader in customer relationship management (CRM) software and connects more than 150,000 clients to their customers via the internet and stores this customer information in the cloud.
The company surprised investors with its latest earnings. The company beat the street and guided estimates up big time. Its Its annual profit estimate for 2023 went from $5.71 a share to $7.13.
The stock has been flying higher lately but still has a reasonable P/E.
CRM is on the radar for the Growth Portfolio.
