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US stock market report – Trade Desk & US tech shares in focus

Picture of Drew Meredith, CFP
Drew Meredith, CFP
Picture of Drew Meredith, CFP

Drew Meredith, CFP

Drew Meredith is one of the founders of Wattle Partners. He is an experienced financial and investment adviser with expertise in self-managed superannuation funds, superannuation strategies, investment analysis and portfolio construction. Drew is a Partner at Wattle Partners.
More analysis

Investors have become increasingly wary of an impending spike in the consumer price index, the measure for inflation, with both iron ore and copper hitting record highs.

The report is due on Thursday Australian time, but traders have moved in advance, sending the highly-valued Nasdaq down 2.6% to begin the week.

Apple (NASDAQ: AAPL) and Amazon (NASDAQ: AMZN) were among the biggest detractors, down 2.6% and 3.1%, respectively.

The Dow Jones briefly traded above 35,000 points but ended up falling 0.1% despite the energy sector spiking after a key US pipeline was shut down due to a cyberattack. The S&P 500 also fell 1.0%.

Trade Desk shares whacked

Turning to company-specific news, Trade Desk (NASDAQ: TTD) was the latest tech stock to release its quarterly earnings report.

The company, which is in the business of programmatic advertising, topped estimates by reporting 37% revenue growth to US$219.8 million and offered strong guidance for the second quarter. The company also announced a 10-for-1 stock split.

With high expectations already factored into the share price, the results weren’t enough to satisfy the market, with Trade Desk shares tumbling 26.0% overnight.

US stock market movers

Here’s how other popular US stocks fared overnight.

Back home on the ASX, the S&P/ASX 200 (ASX: XJO) is tipped to follow US markets lower at the open this morning. 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.

Get 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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