The stock market slid on Wednesday as latest labor data showed jobs and wage growth slowed more than expected in November. Meanwhile, oil prices hit a five-month low due to weak demand.
Overall, S&P 500 declined 0.4% to 4,549, while NASDAQ fell 0.6% to 14,147.
Tweet of the Day
https://twitter.com/GeneInvesting/status/1732212410587705652
Chart of the Day
Here is the ten-year chart of Grainger (GWW) as of November 15, 2023, when the stock was at $795.
Grainger reported another solid quarter with 14% profit growth on 7% revenue growth. In the earnings call, management stated that “demand stayed reasonably steady” as sales grew 9% on a daily constant currency basis. Growth was driven by positive performance across both the its big customers (High-Touch Solutions) and small customers (Endless Assortment). Grainger increased Operating Margin to 15.9% versus 15.3% last year. This improvement was largely attributed to enhanced freight and supply chain efficiencies, as well as a favorable product mix.
GWW is part the Conservative Growth Portfolio.
