Market Update Newsletter 3/10/23

Futures are pointing towards a mixed open with only the NASDAQ up slightly. Yesterday, all equity markets closed at least 1% and Bitcoin (BTC) dropped 6% to $20K.

This big of a selloff is uncalled for if you ask me. Never fight the FED and don't fight the tape! If the FED says the economy is too hot, they will intervene to cool it down, if you like it or not. The only thing that makes the FED change its approach is data. US jobs are hot, unemployment is at 3.4%.

President Biden is seeking to cut the US deficit by $3T over 10 years by increasing corporate and personal taxes for individuals making over $400k a year. What he should really be doing is reducing the spending of the government instead of technically increasing it.

Stocks to Watch

Merck (MRK) receives a sole raise by Berenban, from $125 to $130.

6 raises for Ulta Beauty (ULTA). Companies are asking for people to return to the office and this is raising prospects for cosmetics makers.

Energy stocks are mixed but got some raises. The industry will continue to provide a high-demand commodity. Some favs include Devon (DVN) and Chevron (CVX).

Happy Investing!

The Punkrock Capitalist