It was a reasonably flat session in the US, with gains lost into the close. The Dow Jones finished 0.1% higher, but both the S&P 500 and Nasdaq were down 0.1%.
In economic news, manufacturing data topped estimates with the US PMI hitting 61.2. However, concerns continue to grow about a job shortage and a jump in the waiting times for key product inputs.
OPEC+ agreed to increase production from July, which would typically see the oil price fall, yet their expectation of a significant increase in demand meant it was well supported.
Zoom sales growth continues
Zoom Communications (NASDAQ: ZM) reported earnings, seeing a 191% increase in revenue to US$956 million for the quarter. The company has remained strong despite the work-from-home trend easing.
HPE delivers another strong result
Hewlett Packard Enterprise (NYSE: HPE) also beat expectations, posting an 11% increase in revenue in the April quarter. The innovative part of its business has been the key driver, with the ‘Edge Computing’ division accelerating 20% and storage a more mature growth level of 5%.
US stock market movers
Here’s how other popular US stocks fared in Tuesday’s session.
- Occidental Petroleum (NYSE: OXY) up 10.9%
- NIO (NSYE: NIO) up 9.6%
- Farfetch (NYSE: FTCH) up 6.6%
- JD.com (NASDAQ: JD) up 5.9%
- Zillow (NASDAQ: Z) down 3.2%
- Trip.com (NASDAQ: TRIP) down 4.0%
- Virgin Galactic (NYSE: SPCE) down 7.5%
- Abbott Laboratories (NYSE: ABT) down 9.7%
Back home on the ASX, the S&P/ASX 200 (ASX: XJO) is heading towards a positive open on Wednesday. For all the latest, check out Rask Media’s ASX 200 morning report.