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:
- Under Armour (NYSE: UAA) up 6.9%
- Berkshire Hathaway (NYSE: BRK.B) up 0.9%
- Alphabet (NASDAQ: GOOGL) up 0.3%
- Amazon (NASDAQ: AMZN) down 1.3%
- Disney (NYSE: DIS) down 1.5%
- Uber (NYSE: UBER) down 3.4%
- Roku (NASDAQ: ROKU) down 4.8%
- Moderna (NASDAQ: MRNA) down 6.2%
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.