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US stock market report – big tech drives Nasdaq higher

The so-called reflation trade that has seen everything from cruise and airlines to commodities and oil companies rally strongly since November has slowed this week, culminating in another 0.6% fall in the Dow Jones overnight.

Despite news that the Federal Reserve may hike rates earlier than expected, big tech names including Apple (NASDAQ: AAPL), Amazon (NASDAQ: AMZN) and Facebook (NASDAQ: FB) have been resilient with investors clearly focused on their huge free cash flow and more reasonable valuations compared to late in 2020.

The Nasdaq jumped 0.9%, hitting another record with NVIDIA (NASDAQ: NVDA) a key contributor, up 4.7% and Amazon also up 2.2%.

A flow on from Wednesday’s Fed meeting was a strengthening in the US, unexpected to many, which has seen the AUD weaken in a boon for our global leaders and miners.

Copper has now fallen to a two month low, after consistently hitting records in 2021, this follows the Chinese government’s announcement to focus on reducing speculation in the price.

Adobe powers ahead

Software and design provider Adobe (NASDAQ: ABDE) finished 1.5% higher after another strong quarter of growth with revenue 23% higher.

Digital media grew 25%, creative 24% and most importantly Document Cloud was 30%, showing the sheer opportunity for these online businesses and why investors continue to flock to the sector.

US stock market movers

Here’s how other popular US stocks traded on Thursday.

  • Appian (NASDAQ: APPN) up 11.3%
  • Unity Software (NYSE: U) up 7.3%
  • Cloudflare (NYSE: NET) up 6.3%
  • Shopify (NASDAQ: SHOP) up 6.1%
  • Atlassian (NASDAQ: TEAM) up 5.7%
  • Caterpillar (NYSE: CAT) down 3.6%
  • Newmont (NYSE: NEM) down 7.0%
  • Occidental Petroleum (NYSE: OXY) down 7.6%

Back home on the ASX, the S&P/ASX 200 (ASX: XJO) is expected to open higher on Friday. 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.


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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