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US stock market report: Tech tumble continues, GM & Peloton report

The Dow Jones finished 0.3% higher on Wednesday, reaching another record as the Nasdaq continued its sell-off, falling 0.4%.

All eyes remain on the Federal Reserve members, with the Boston Federal Reserve President Eric Rosengren comparing an expected temporary rise in price levels (inflation) to the toilet paper and disinfectant shortage that occurred in 2020.

Peloton recalls treadmills

The pressure continues to grow on COVID winners, including Peloton Interactive (NASDAQ: PTON), which makes treadmills and spin bikes, with the stock falling 14.6% after being forced by the regulator to recall a malfunctioning product following the death of a child.

GM crushes expectations

The old world value businesses continue to drive the market. General Motors (NYSE: GM) smashed expectations, with earnings per share of US$2.25 more than double the US$1.08 expected by analysts after seeing revenue grow to US$32.5 billion for the quarter.

The company is focusing on higher-value cars and making less of them, however, the semiconductor chip shortage is starting to bite. GM shares finished the session 4.1% higher.

US stock market movers

Here’s how other popular US stocks performed overnight:

Back home on the ASX, the S&P/ASX 200 (ASX: XJO) is tipped to edge higher when the market opens on Thursday. For all the latest, check out Rask Media’s ASX 200 morning 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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Disclosure: At the time of publishing, Drew owns shares in Disney.

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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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