The stock market closed higher on Monday, as investors turned their attention to this week’s earnings report from some of the biggest companies in the world. This was despite a disappointing GDP data from China, which reported 0.8% economic growth quarter-on-quarter.
Overall, S&P 500 grew 0.4% to 4,523, while NASDAQ rose 0.9% to 14,245.
Tweet of the Day
YARDENI: “Our New $SPX Target .. we see the bull market that started on October 12, 2022 continuing through at least the end of next year, with the S&P 500 reaching a new record high somewhere between 4800 and 5400 over the next 18 months” — most likely led by info tech. @yardeni pic.twitter.com/33v6Zs0XKb
— Carl Quintanilla (@carlquintanilla) July 16, 2023
Chart of the Day
Here is the ten-year chart of Factset Research (FDS) as of July 7, 2023, when the stock was at $395.
Factset Research provides market intelligence on securities, companies, and industries that equips clients with the right research investment tools and ideas so they can personally analyze, monitor, and manage their portfolios.
Factset Research is seeing clients who are cautious, resulting in delayed decisions and restricted spending. Management now expects total revenue and annual subscription value (ASV) for fiscal year 2023 to grow within the lower range of the guidance they issued last quarter. ASV was also down slightly on a sequential basis, from 9.1% to 8.0% since our report last quarter. The stock fell from $423 one day before the issued guidance to $394 a day after.
Still, David Sharek, Founder of School of Hard Stocks, does not think this is a big issue, as this stock is very consistent. What’s nice is the stock fell on the news, and he thinks it is now a bargain.
FDS is part of the Conservative Stock Portfolio. This is a fabulous buy-and-hold stock.
