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US stock market report – Intel & bank dividend frenzy in focus

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.

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 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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