The stock market slid on Thursday, snapping its win streak. Bond yields rose sharply following a disappointing U.S. Treasury auction. The benchmark 10-year Treasury yield was up more than 12 basis points at 4.634%.
Overall, S&P 500 declined 0.8% to 4,347, while NASDAQ fell 0.9% to 13,521.
Tweet of the Day
If you're ever in doubt about a position, keep in mind that selling half is an option. That way, if it goes higher, at least you own some, and if it goes lower, hopefully it minimizes your loss. I've also found that selling half helps with clarity.
— Joseph Fahmy (@jfahmy) November 6, 2023
Chart of the Day
Here is the ten-year chart of Microsoft (MSFT) as of October 25, 2023, when the stock was at $341.
Microsoft develops and supports software, services, devices and solutions that help people in business. Products include computer operating systems such as Windows, productivity applications including Excel and Word, software development tools including Azure, computing devices with its Surface tablets, and video games with its Xbox devices. The company also owns the top social media site for business relationships in LinkedIn.
Last quarter, Microsoft delivered strong gains across multiple businesses, particularly Azure. Azure is the company’s public cloud platform that lets users manage cloud services such as storing data and transforming it. Last quarter, Microsoft’s profit grew 27% and crushed estimates of 13%. Revenue grew 13% and handily beat estimates of just 9%. Azure took center stage with 29% revenue growth with a decent contribution from AI services as Microsoft announced general availability of its NVIDIA H100 virtual machines.
MSFT is part of the Conservative Growth Portfolio.
