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.
- eBay (NASDAQ: EBAY) up 2.8%
- 3M Co (NYSE: MMM) up 2.1%
- Facebook (NASDAQ: FB) down 4.1%
- Spotify (NASDAQ: SPOT) down 4.7%
- JD.com (NASDAQ: JD) down 5.4%
- Tesla (NASDAQ: TSLA) down 6.4%
- Qualcomm (NASDAQ: QCOM) down 6.5%
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.