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Payne's Perspective: October 30, 2023: Government Spending is Destroying Wealth

By Charles Payne CEO & Principal Analyst

The market continues to reel.  Last week, the only place to hide out was Utilities, which had been a significant disappointment throughout the summer (and now fall).

The easy Energy trade was the most significant declining sector of the week.

But the biggest equity story was the Magnificent Seven finally succumbing to the laws of gravity.  Ironically, these mighty behemoths stumbled on universally robust earnings.  The problem is sentiment (sell the news…all news) is powerful, and valuations made them easy targets.

Only 20% of the index finished the week higher, and most of them are still down big on the year.

To read full report contact your account representative or email Info@wstreet.com. 

Charles Payne
Wall Street Strategies


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