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.