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US stock market wrap: Facebook, PayPal & Amazon report

US stock markets returned to their winning ways with all three benchmarks finishing higher, led by the Dow Jones and S&P 500 which were 0.4% to the positive.

The Nasdaq was weaker, adding just 0.1%, as the tech earnings season rolled on with some concern about forecasts.

That said, analysts were happy with the US GDP result of 6.5%, particularly given the stronger than expected consumer spending.

Facebook tumbles

Facebook (NASDAQ: FB) shares continued to fall, down over 4%, as signs that the group’s user growth was beginning to slow, up just 7% to US$2.9 billion for the quarter.

That said, the advertising-led platform reported a 56% increase in sales to US$29 billion as companies seek to expand again.

PayPal stock struggles

There were signs that Paypal’s (NASDAQ: PYPL) entry into the BNPL space was an effort to remain relevant, with profit beating forecast but quarterly sales of US$6.24 billion weaker than expected.

Management cited its previous owner Ebay’s decision to take control of their own payments going forward as a key detractor. PayPal stock finished 6.2% lower.

Amazon reports

Amazon (NASDAQ: AMZN) reported a 50% increase in quarterly earnings to US$7.78 billion, but flagged a ‘slowing’ in sales growth from 40% to 27% going forward.

Online sales grew a meagre 13%, advertising 83% and cloud computing another 37%. Amazon stock was down 7% after hours.

Robinhood IPO

Robin Hood may have been the story of 2020, with the user-friendly platform gamifying share trading, but its IPO debut fell flat, falling 8% overnight.

Under the ticker HOOD, the company was valued at around US$29 billion by the time the market closed.

US stock market movers

Here’s how other popular US stocks performed on Thursday.

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