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US stock markets rally on Powell testimony, Microsoft hits US$2 trillion

US markets continued their sharp recovery with all three indices higher, led by the Nasdaq which was up 0.8%.

The S&P 500 and Dow Jones added 0.5% and 0.2%, respectively, with retailers, energy and technology stocks leading the gains.

Microsoft hits US$2 trillion

Microsoft (NASDAQ: MSFT) was a key contributor, adding 1.1% which sent the market cap past US$2 trillion for the first time, joining Apple (NASDAQ: AAPL) as the only companies to do so.

Despite the lofty valuation, the company trades on a price-earnings (P/E) multiple of around 30 times and has a massive amount of cash on the balance sheet.

Bitcoin falls from grace

The dream 2021 run for cryptocurrencies continues to crater with Bitcoin falling below US$30,000 for the first time this year, cancelling out the 100% gains achieved by many.

The falls are widespread and come following an announcement by the Chinese Government that they would be seeking to ban Bitcoin mining but also restrict the likes of Alibaba (NYSE: BABA) from allowing customers to trade crypto on their platforms.

Property spike

Meanwhile, the home price spike hasn’t been limited to Australia, with the US reporting a 23% annual increase to May despite a lower volume of properties being sold.

US stock market movers

Here’s how popular US stocks traded overnight.

  • Splunk (NASDAQ: SPLK) up 11.3%
  • Peloton (NASDAQ: PTON) up 8.4%
  • CrowdStrike (NASDAQ: CRWD) up 8.0%
  • Trade Desk (NASDAQ: TTD) up 5.3%
  • Facebook (NASDAQ: FB) up 2.0%
  • Pinduoduo (NASDAQ: PDD) down 2.1%
  • Marqeta (NASDAQ: MQ) down 2.7%
  • NIO (NYSE: NIO) down 5.2%

Despite the positive lead from US markets, the S&P/ASX 200 (ASX: XJO) is expected to open lower 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.

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 Alibaba and 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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