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US markets higher on earnings, Chinese crackdown extends to gaming

The S&P 500 finished at a record high for the 42nd time this year, adding 0.8% as earnings season continued to drive positive sentiment.

The Dow Jones finished 0.8% higher with the Nasdaq comparatively weaker, adding just 0.6%.

Chinese crackdown continues

The markets were able to overcome the latest Chinese regulatory pressure, for the second time in two weeks. This time it was a State-Owned news outlet suggesting that online video games were ‘spiritual opium’ for children, with investors worried this may result in their banning.

China’s biggest company Tencent (HKG: 0700) fell 6.1%, NetEase (NASDAQ: NTES) was down 11.4% and Activision Blizzard (NASDAQ: ATVI) fell 3.5%.

Sticking with gaming, Activision actually delivered profit growth nearing 50% for the quarter, after revenue exceeded US$2.3 billion despite a decline in ‘in game’ purchases.

NVIDIA’s ARM acquisition hits a snag

Shares in semiconductor chip manufacturer NVIDIA (NASDAQ: NVDA) were 0.3% higher despite the UK government potentially putting a hold on its acquisition of major competitor ARM holdings.

US stock market movers

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

  • Moderna (NASDAQ: MRNA) up 11.5%
  • Gartner (NSYE: IT) up 10.8%
  • Snowflake (NYSE: SNOW) up 6.1%
  • Spotify (NYSE: SPOT) down 4.6%
  • Farfetch (NYSE: FTCH) down 6.9%
  • Take-Two (NASDAQ: TTWO) down 7.7%

Back home on the ASX, the S&P/ASX 200 (ASX: XJO) is set 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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