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US stock markets deliver worst week in 4 months

Picture of Drew Meredith, CFP
Drew Meredith, CFP
Picture of Drew Meredith, CFP

Drew Meredith, CFP

Drew Meredith is one of the founders of Wattle Partners. He is an experienced financial and investment adviser with expertise in self-managed superannuation funds, superannuation strategies, investment analysis and portfolio construction. Drew is a Partner at Wattle Partners.
More analysis

US stock markets ended the week on a negative note, with the value-focused Dow Jones falling 1.6% on Friday and 3.5% for the week.

The S&P 500 fared slightly better, down 1.3%on Friday and 1.9% for the week as the big tech names outperforming once again. This delivered a near flat result, down 0.3%, for the Nasdaq as the reverse recovery trade commenced once again.

Reopening trade closes, tech outperforms

In an about-face to the hugely popular commodities, vaccine and general ‘value’ recovery, investors are once again focusing on growth with the likes of Netflix (NASDAQ: NFLX), DocuSign (NASDAQ: DOCU) and PayPal (NASDAQ: PYPL) all outperforming during the sell-off.

The fading of US fiscal stimulus and a more aggressive tone from Federal Reserve member James Bullard, who expects rates to be hiked even sooner, were blamed.

However, an event known as the quadruple witching also occurs on the 18th of June, on which day nearly every major option expires, requiring those speculating on price moves to deliver their agreed shares. Hence a portion of the selling pressure was likely due to this confluence of events after another busy quarter.

US stock market movers

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

Back home on the ASX, the S&P/ASX 200 (ASX: XJO) is expected to follow US markets lower on Monday. 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.

Get the golden rules

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Disclosure: At the time of publishing, Drew owns shares in Disney.

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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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