The stock market had its biggest rally in two years on Thursday due to lighter-than-expected inflation data. This boosted investors’ hopes that inflation has peaked and the Federal Reserve may slow down the pace of interest rate hikes.
Overall, S&P 500 grew 5.5% to 3,956, while NASDAQ jumped 7.4% to 11,114.
Tweet of the Day
Inflation fell to 0.4% last month vs. 0.9% year ago. Notice easy yoy comparisons thru next June. Imagine 0.4% each month until then. In mid July 2023 when CPI is released, inflation could be ~4.5%. This is good news for growth stocks — especially speculative ones. pic.twitter.com/lFdO8t0bST
— David Sharek (@GrowthStockGuy) November 10, 2022
Chart of the Day
Our char of the day is the one-year chart of Enphase (ENPH) as of October 29, 2022, when the stock was at $305.
Enphase Energy is a global energy technology company that designs, manufacture, and sell solar energy solutions to homeowners and commercial owners.
The company is one of the fastest growing publicly traded companies in America, as its solar energy components are in high demand.
Last qtr, ENPH delivered 108% profit growth on 81% revenue growth. US sales increased 69% and Europe jumped 136%. Enphase is significantly ramping up its presence in Europe in the coming months and years.
ENPH is part of the Growth Portfolio. David Sharek’s Fair Value P/E stays at 65 this qtr.
