Fast Money Blog- 5/19/23
Below is this week’s stock market recap.
There are two major points to keep in mind:
The market is waiting for the Federal Reserve’s May decision on whether or not to raise interest rates.
Wall Street is slightly hesitant to commit more money to large cap stocks until the President and Congress come to a decision about the debt ceiling.
With that said, this week’s outstanding stock movers were Advanced Micro Devices, Inc. (AMD), Apple, Inc. (AAPL), and Microsoft Corporation (MSFT).
In earnings news, on Tuesday, May 16th, Dow component The Home Depot, Inc. (HD) released their Q1 2023 earning results, which were by all standards were very good.
Yes, the company reported quarterly revenue of $37.3 billion, a decrease of 4.2% year-over-year and same-store sales were down 4.5% and customer transactions declined 4.8%. However, keep in mind that Home Depot experienced 2 years of outstanding earnings due to the Covid quarantine, and it’s only natural that some of that momentum has waned a bit.
Although the company did see a slight slow-down in year-over-year, revenue, Home Depot is still an outstanding long-term investment.
It’s hard to beat a stock that pays a quarterly $2.09 dividend.
Tyrone Jackson, The Wealthy Investor