Markets took a dive yesterday after Fed Chair Jerome Powell testified before lawmakers. His speech was very hawkish, as expected, and also as expected, he took a "made for TV" grilling from Democrat Sen. Elizabeth Warren, who completely missed the point. All this was to reiterate what we already know, rates will continue to rise, and unemployment is high but the job market is growing.
February private payroll rose by 242,000, which is better than expected. Interestingly, the largest group of growth was Leisure and Hospitality, which is a sign to me that some of the hardest-hit industries are still recovering from Covid. That is a good sign. This trend can offset the rise in the cost of making business.
Stocks to Watch
Apple (AAPL) receives price target raise from Wedbush. "Own it, don't trade it".
Crowdstrike (CRWD) receives a plethora of target raises and upgrades. The Austin-based cyber security company is up 6% in the premarket after a reporting stronger-than-expected report for the fourth quarter.
Squarespace (SQSP) receives great love from analysts. The company reported better-than-expected revenue for the fourth quarter yesterday. Stock is up 14% at the time of writing this. Is this a sign of the impact of the "Content Economy"?
Dick's Sporting Goods (DKS) climbed 11% after reporting better-than-expected results for the fourth quarter. Same-store sales, a key retailer metric, exceeded analysts' expectations.
Happy Investing!
The Punkrock Capitalist
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