Nov 15th, 2023 – Stocks started with an increase to Wednesday, S&P 500 with 0.3%, Nasdaq with 0.2%, and Dow Jones with 0.6%.
The day following a favorable consumer price index report, which increased investor’s expectations on FED being done, raising rates were supported by Today’s data on the producer price index, which showed a decrease of 0.5% in October, contrasting with the expected 0.1% increase.
Of the 11 S&P sectors, eight were in positive territory, led by Materials and Energy. Utilities, Consumer Discretionary, and Health Care were the three losers.
Wall Street is also closely monitoring developments in Washington, where lawmakers are working to prevent a government shutdown. The next step is for the Senate to vote on the measure.
Last month, mortgage rates reached a more than two-decade high, but started to dip earlier this month. Mortgage rate demands climbed to the highest level in five weeks.
Target’s (TGT) stock skyrocketed by 17% following the company’s fiscal third-quarter earnings report, which exceeded expectations significantly. ($2.10 in earnings per share announced, the expectations were $1.48)
Microsoft (MSFT) unveiled today its initial set of custom artificial intelligence chips. This move positions the tech giant in direct competition with Nvidia (portfolio holding) which slipped 1.70%.
Germany’s drug regulator is considering banning the export of Ozempic, due to the increased demand coupled with supply shortages. Ozempic was approved by the FDA in 2017 for those with diabetes. Because it also triggers weight loss, doctors started to prescribe it off-label and it’s causing difficulties for patients with type 2 diabetes accessing the treatment. Novo Nordisk (NVO) (@ $100.88), one of our portfolio holdings decreased 2.8%.
Portfolio holdings Palo Alto Networks (PANW)(0.2 units @ $245.03), decreased by 6% after hours, even though they announced a better-than-expected earnings result ($1.38 compared to estimates of $1.16), but their billings came out short of what’s expected ($2.34 billion compare to $2.43 billion).
Author: Kaan Pinar