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US stock market report, CRM stock smashes expectations

In the US stock market overnight,  the value rally continues as a fourth straight positive month beckons, Salesforce.com (NYSE: CRM) smashed expectations.

Unemployment at record lows

The value rotation continued on Wednesday in the US as unemployment claims hit another pandemic low and the GDP growth estimate was confirmed at 6.4%.

Once again, the industrial, financials and commodity-focused Dow Jones outperformed adding 0.4%. The Nasdaq and S&P500 ultimately ended flat.

Small caps continued to close ground, the Russell 2000 jumping 1.2% with some ‘meme’ stocks contributing to the rally once again.

Salesforce (CRM) stock jumps after hours

Customer relationship management platform Salesforce.com smashed expectations again overnight. As more businesses moved online, Salesforce reported a near fivefold increase in profit to US$469 million despite revenue increasing ‘just’ 20%.

“This marked the ‘best quarter in our company’s history”, said CEO Marc Benioff. CRM shares fell 1.7% on the report but jumped 4% after hours.

Hewlett Packard (NYSE: HP) saw a similarly strong period with sales 27% higher to US$15.9 billion, US$1 billion ahead of expectations. A surge in demand for laptops and printers, which grew 72%, was behind HP’s strength, shares were 0.6% higher.

If you’re looking for Australia’s important ASX 200 news and company updates, visit our 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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Wattle Partners is a financial advice firm, servicing clients around Australia, specialising in retirement planning (pre and post retirement). 

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