The stock market closed mixed on Wednesday, as turmoil at Credit Suisse fueled more concerns over the banking sector.
The European bank’s stock fell significantly plunging to a record low, as the bank disclosed that it could not provide any more funding. However, investors were reassured in the afternoon trading after the Swiss National Bank announced that it would give Credit Suisse liquidity.
Overall, S&P 500 fell 0.7% to 3,892, while NASDAQ increased 0.1% to 11,434.
Tweet of the Day
Armchair economists quick to look at 3-mnth uptick in core #CPI which DOES NOT include lagged impacts of Shelter
Updating Core CPI with real time Shelter data we now have 5 straight months of Core CPI NEGATIVE!
WHEN Shelter hits CPI… like a sledghammer⚒️
h/t @JeremyDSchwartz pic.twitter.com/JsiN8yOnIG
— Seth Golden (@SethCL) March 14, 2023
Chart of the Day
Here is the ten-year chart of Pepsico (PEP) as of March 1, 2023, when the stock was at $171.
Pepsico is one of the world’s largest food and beverage companies with more than $70 billion in annual sales. Pepsico’s great worldwide brands include Pepsi, Frito-Lay, Tropicana, Quaker, and Gatorade, with each generating more than $1 billion in annual sales.
The company continues to thrive as profits increased a solid 9% last qtr while revenue grew 11%. Most of the growth came from price increases, as volume was -2% with convenient foods (snacks) and flat with beverages. Looking ahead, management sees inflation coming down.
PepsiCo’s one of the safest stocks in the world, with Standard & Poor’s credit rating of A+. PEP is a core holding in the Conservative Growth Portfolio.