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US stock market report – inflation & Target shares in focus

US stock markets remain stuck in a tight trading range as bullish and bearish investors alike await key economic data in the coming weeks.

Last night it was the Dow Jones that fell 0.4% with the major banks selling off on signs the economic recovery may be more mixed than expected.

The Nasdaq outperformed, falling just 0.1%, with big tech once again seeing strong flows as investors seek ‘quality’. The S&P 500 was similarly down 0.2%.

After-market US inflation data will be released with expectations pointing to a 0.5% monthly increase and a 4.8% year-on-year increase, a near-record.

Anyone seeking a new car or running a business that requires shipments around the world would be well aware of the inflation that already exists, with some experts still questioning whether it will be transitory.

Stepping back, it clearly appears so given the huge disruption to the global supply chain of almost every good.

The Japanese economy shrank worse than expected with an outbreak ahead of the Olympics sending the economy 3.9% lower on an annualised basis.

Turning to company-specific news, Target Group (NYSE: TGT) increased its dividend by 32% after reporting strong traffic growth of 4.8% across its store network. Despite this, Target shares finished the day 1.4% lower.

US stock market movers

Here’s how other popular US stocks performed on Wednesday.

  • MongoDB (NASDAQ: MDB) up 3.1%
  • Snapchat (NYSE: SNAP) up 2.7%
  • Invitae (NYSE: NVTA) up 2.6%
  • Trade Desk (NASDAQ: TTD) down 3.2%
  • Appian (NASDAQ: APPN) down 4.0%
  • Upstart (NASDAQ: UPST) down 5.9%
  • Campbell Soup (NYSE: CPB) down 6.5%

Back home on the ASX, the S&P/ASX 200 (ASX: XJO) is heading towards a flat open on Thursday. 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.

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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