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US stock market report – General Electric & 3M deliver earnings

The Nasdaq finished 0.3% lower ahead of key earnings reports from Microsoft (NASDAQ: MSFT) and Alphabet (NASDAQ: GOOGL), which are expected to show strong growth but with all eyes on the outlook for the remainder of the year.

The Dow Jones and S&P 500 managed a flat finish, as key consumer-focused companies reported.

GE’s revenue falls short of the mark

The sprawling General Electric (NYSE: GE) conglomerate reported a 12% fall in revenue to US$17 billion, with its industrial products and aviation businesses the biggest detractors.

According to management, an 8% drop in orders was due to the company selling large, expensive equipment, hence making it a long not short-cycle business that would benefit from the pandemic.

On the positive side, GE’s renewable energy division grew revenue by 2% and narrowed its loss. GE stock finished the day 0.6% lower.

3M delivers big quarterly outperformance

3M Co (NYSE: MMM) shares fell over 2% despite delivering its biggest quarterly earnings outperformance in over a decade.

Sales in its industrial product business, including PPE equipment, jumped 14% on 2020 levels. Meanwhile, transportation and electronics were 13% higher and consumer sales including Post It notes grew by 10%.

Of biggest concern for investors were comments that management was beginning to see cost inflation on their key raw inputs.

US stock market movers

Here’s what happened to other popular US stocks overnight:

Back home on the ASX, the S&P/ASX 200 (ASX: XJO) is expected to rise when the market opens on Wednesday. For all the latest, check out Rask Media’s ASX 200 new report.

The Golden Rules of Investing

We might be experts in retirement, but with combined financial advice experience of 35+ years, we’ve nearly seen it all. 

In mid-2023, our senior team at Wattle Partners Financial Planning put the finishing touches on a brand-new report “The Golden Rules of Investing“.

In this free report, we outline the key principles that determine all of the portfolio construction and investment decisions of Wattle Partners. Collated over decades, this paper should be seen as a work-in-progress, constantly under review in light of the ever-evolving nature of markets. 

You’ll find the free report on my Author page. Simply click the button below to view the Golden Rules.

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At the time of publishing, the author of this article does not have a financial or commercial interest in any of the companies mentioned.

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Wattle Partners is a financial advice firm, servicing clients around Australia, specialising in retirement planning (pre and post retirement). 

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