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US markets break 3-day winning streak, Oracle beats expectations

US markets broke their three-day winning streak with the Nasdaq falling 0.7% on Tuesday, and both the Dow Jones and S&P 500 down 0.3% and 0.2%, respectively.

Signs of a mixed economic recovery continued after retail sales fell twice as much as expected, down 1.3% in May as stimulus cheques ran out. When car sales were excluded, the figure was a more reasonable 0.7% fall.

On the other hand, the producer price index, a measure of business inflation was 0.7% higher, excluding food and energy, yet inflation expectations remain muted.

Elsewhere, the UK and Australian governments announced an important free trade deal with hopes that it will assist businesses to overcome their growing reliance on China.

Oracle beats expectations

Shares in cloud computing solution provider Oracle (NYSE: ORCL) fell despite blowing away expectations, with sales hitting US$11.2 billion from US$10.4 billion.

Importantly, earnings were significantly better at US$1.54 per share, up from $US$1.20 in the prior year. Oracle shares finished the day 1.2% lower.

US stock market movers

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

  • Pinterest (NYSE: PINS) up 2.7%
  • Roblox (NYSE: RBLX) up 2.3%
  • Tesla (NASDAQ: TSLA) down 3.0%
  • Unity (NYSE: U) down 4.1%
  • Fastly (NYSE: FSLY) down 5.1%
  • Appian (NASDAQ: APPN) down 5.5%
  • Roku (NASDAQ: ROKU) down 6.9%

Back home on the ASX, the S&P/ASX 200 (ASX: XJO) is expected to edge lower when the market opens on Wednesday. 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.

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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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