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US stock market report – Dropbox, gold & bond yields in focus

Both the Dow Jones and S&P 500 finished the week at record highs, adding 0.7% each on Friday, taking the weekly gains to 2.7% and 1.2%, respectively.

Jobs data disappoints, yields fall

The most important news was a far weaker than expected number of jobs gained during the month, 266,000 versus 1 million expected, which immediately sent bond yields lower.

As we have seen recently, weaker economic data tends to push back expectations that the Federal Reserve will increase interest rates, thereby supporting ever-higher market valuations.

Featured video: Modern Monetary Theory (MMT) explained

The Nasdaq was a key beneficiary, reversing some recent losses and adding 0.9% on Friday as stay-at-home winners like Alphabet (NASDAQ: GOOGL) and Apple (NASDAQ: AAPL) rallied to finish the week.

However, the tech sector ultimately finished 1.5% lower over the five days as slowing growth rates add to concerns.

Gold benefits

Gold bullion has been a beneficiary of lower rates given the risk-free alternative offers little in the way of income, with the gold price now over USD$1,800 and AUD$2,300, respectively.

Dropbox delivers earnings beat

Digitalisation winner Dropbox (NASDAQ: DBX) was the biggest report on Friday, suggesting revenue had increased 12% to US$511 million, ahead of guidance, and projecting further growth in the final quarter.

US stock market movers

Here’s how popular US stocks closed out the week on Friday:

  • Roku (NASDAQ: ROKU) up 11.6%
  • Trade Desk (NASDAQ: TTD) up 8.0%
  • Square (NASDAQ: SQ) up 4.2%
  • Facebook (NASDAQ: FB) down 0.3%
  • Amazon (NASDAQ: AMZN) down 0.5%
  • Appian (NASDAQ: APPN) down 10.8%

Back home on the ASX, the S&P/ASX 200 (ASX: XJO) is heading for a flat open on Monday according to the latest ASX futures. To get up to speed, 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.

Information warning: The information on this website is published by The Rask Group Pty Ltd (ABN: 36 622 810 995) is limited to factual information or (at most) general financial advice only. That means, the information and advice does not take into account your objectives, financial situation or needs. It is not specific to you, your needs, goals or objectives. Because of that, you should consider if the advice is appropriate to you and your needs, before acting on the information. If you don’t know what your needs are, you should consult a trusted and licensed financial adviser who can provide you with personal financial product advice. In addition, you should obtain and read the product disclosure statement (PDS) before making a decision to acquire a financial product. Please read our Terms and Conditions and Financial Services Guide before using this website. The Rask Group Pty Ltd is a Corporate Authorised Representative (#1280930) of AFSL #383169.


Disclosure: At the time of publishing, Drew owns shares in Trade Desk.

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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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