Stocks Slide Amid China’s COVID Concerns, Fed Chair Powell’s speech

The stock market closed lower on Tuesday as investors monitored China’s Covid policy and looked ahead for Fed Chair Jerome Powell’s scheduled speech.

Stocks failed to record gains after protests in China against the country’s zero-Covid policy. This weighed on global market sentiment as its Covid restrictions might hamper global supply chains again.

Overall, S&P 500 contracted 0.2% to 3,958, while NASDAQ fell 0.6% to 10,984.

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Chart of the Day

Our chart of the day is the ten-year chart of Fiserv (FISV) as of November 5, 2022, when the stock was at $94.

Fiserv software controls ATM transactions, money transfers, and mobile banking to more than 13,000 banks and credit unions around the world.

Fiserv is a dependable double-digit profit grower. In fact, the company has grown profits at least 10% a year since 1986. In addition, the stock has held its own during a very tough stock market, as the stock’s around what it was a year-ago.

FISV is part of the Conservative Growth Portfolio. David Sharek’s Fair Value remains at 20x profits, or $146 in 2023. With a P/E of only 13, the stock seems like a bargain to him.

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