US markets managed another double record with all three benchmarks eking out small gains.
This time the Nasdaq led the way, up 0.2%, with both the Dow Jones and S&P 500 adding just a few points.
Intel suffers again
Intel (NASDAQ: INTC) was the biggest detractor on Tuesday after the company announced that its latest data centre chip ‘Sapphire Rapids’ would be delayed for the foreseeable future. This is a bad sign for the company seeking to regain its global relevance.
Bank dividend frenzy
Elsewhere, all eyes were on the banking sector after five of the largest six banks delivered significant dividend increases following last week’s stress test results.
Morgan Stanley (NYSE: MS) doubled its quarterly dividend, as did Wells Fargo & Co (NYSE: WFC) with Citigroup (NYSE: CITI), Bank of America (NYSE: BAC) and JP Morgan (NYSE: JPM) all joining the dividend party.
US stock market movers
Here’s how other popular US stocks performed overnight.
- Pinduoduo (NASDAQ: PDD) up 6.9%
- DoorDash (NASDAQ: DASH) up 4.7%
- Apple (NASDAQ: AAPL) up 1.2%
- Disney (NYSE: DIS) down 1.5%
- Squarespace (NASDAQ: SQSP) down 7.2%
- Virgin Galactic (NYSE: SPCE) down 14.3%
Looking ahead, the S&P/ASX 200 (ASX: XJO) is expected to follow US markets higher at the open on Wednesday. For all the latest in ASX news, check out Rask Media’s ASX 200 morning report.