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US stock market report – big tech and inflation in focus

The Dow Jones finished the week flat, with the index ending in the red for the first time in three weeks, down 0.8%.

Both the S&P 500 and the Nasdaq were higher, jumping 0.2% and 0.4% on Friday taking their weekly gains to 0.4% and 1.9%, respectively.

Nasdaq rallies on tech

Eight of the eleven sectors within the S&P 500 finished higher, yet it was the big tech names that really drove the market.

Amazon (NASDAQ: AMZN) added 4%, Twitter (NYSE: TWTR) 2.5% and Alphabet (NASDAQ: GOOGL) 1.5% over the week despite the inflation rate hitting 5%.

Despite expectations that a spike in inflation would cause a market-wide sell off, government bond yields actually fell, supporting market but particularly technology valuations. The fall was the most in over a year.

Whilst the consensus has moved to the ‘value’ trade being the greatest opportunity, could the rally be over before it even started?

Elsewhere, cybersecurity remains a key focus for businesses across the globe with a number of recent high profile hackings. McDonald’s (NYSE: MCD) was the latest, reporting that hackers had stolen some customer data.

US stock market movers

Here’s how other popular US stocks closed out the week on Friday.

  • NIO (NYSE: NIO) up 6.8%
  • Peloton (NASDAQ: PTON) up 6.6%
  • DoorDash (NYSE: DASH) up 6.4%
  • Zoom (NASDAQ: ZM) up 5.7%
  • Spotify (NASDAQ: SPOT) down 1.4%
  • Snowflake (NYSE: SNOW) down 3.3%
  • Upstart (NASDAQ: UPST) down 14.3%

The ASX is closed today for the Queen’s Birthday holiday, but the latest SPI futures are pointing to a positive open for the S&P/ASX 200 (ASX: XJO) on Tuesday.

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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At the time of publishing, the author of this article does not have a financial or commercial interest in any of the companies mentioned.

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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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