The stock market rose on Monday as investors await earnings report from Big Tech names this week.
Overall, S&P 500 was up 1.1% to 3,797, while NASDAQ grew 0.9% to 10,593.
Tweet of the Day
Why @yardeni is calling for a 15% market rally that will take the S&P back to August highs by year-end pic.twitter.com/P8xuV4OILW
— CNBCOvertime (@CNBCOvertime) October 21, 2022
Charts of the Day
Our charts of the day are the one-year and ten-year charts of Fastenal (FAST).
Fastenal is the largest fastener distributor in North America. It has three product categories: Fasteners (anchors, bolts, hardware, nails, etc.), Safety Products (protective wear, fall protection, first aid products, etc.), and Other Products (tools, janitorial supplies, and cutting tools).
Management is seeing a softer 2023 ahead. Analysts now expect flattish profit growth for the next 4 qtrs. That is a deceleration from 19% growth for the past two qtrs.
But notice that in the ten-year chart, this is still a solid long-term selection.
We are looking to buy FAST. It is a quality company that is down but not out.
FAST is on the radar for the Conservative Growth Portfolio.
