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US stock markets rally, Netflix hands in earnings report

The time tested strategy of ‘buying the dip’ has paid off once again for day traders with US stock markets staging a strong recovery, the Dow Jones up 1.5% and both the S&P 500 and Nasdaq moving 1.6% higher overnight.

The strength comes despite growing warnings of the pandemic worsening as global case numbers and deaths begin to increase once again.

The smaller companies Russell 2000 index was a key beneficiary, jumping 3%, as housing starts were confirmed to have jumped 6.3% in June.

Everything from cruise liner Carnival (NYSE: CCL) airlines and United Airlines (NASDAQ: UAL) benefitted, with both up over 6%.

Netflix misses

Netflix (NASDAQ: NFLX) on the other hand missed expectations in the fourth quarter, adding just 1.54 million subscribers, below the 1.75 million expected. Revenue was slightly ahead of expectations, US$7.34 billion, with price increases a key contributor.

The earnings report was released after the market closed, with Netflix shares set to fall on the miss.

US stock market movers

Here’s how other popular US stocks performed overnight.

  • Peloton (NASDAQ: PTON) up 6.7%
  • Square (NSYE: SQ) up 5.5%
  • Boeing (NYSE: BA) up 4.9%
  • Procter & Gamble (NYSE: PG) down 0.5%
  • Moderna (NASDAQ: MRNA) down 2.0%
  • Pinduoduo (NASDAQ: PDD) down 2.3%

Back home on the ASX, the S&P/ASX 200 (ASX: XJO) is tipped to follow US markets higher at the open 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.

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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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