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US stock market report – Tesla & NIO on watch

Picture of Drew Meredith, CFP
Drew Meredith, CFP
Picture of Drew Meredith, CFP

Drew Meredith, CFP

Drew Meredith is one of the founders of Wattle Partners. He is an experienced financial and investment adviser with expertise in self-managed superannuation funds, superannuation strategies, investment analysis and portfolio construction. Drew is a Partner at Wattle Partners.
More analysis

US stock markets continued to new records on Monday, with the Dow Jones and S&P 500 both finishing 0.3% higher. US markets have now doubled since their pandemic low.

A key driver was Apple (NASDAQ: AAPL) which added 1.4% as investors once again flocked to quality and defensive earnings as cases of the Delta variant surged to 130k in the US.

This came at the same time as China’s latest economic data showed a worsening slowdown in the economy, with the average growth in retail sales over the last two years falling to just 3.6%.

Industrial production remains strong at 5.6%. However, when combined with the weaker US consumer last week it is clear the economic recovery is slowing.

Tesla falls

Telsa (NASDAQ: TSLA) was the biggest detractor to the Nasdaq, falling 4.3% after the US government announced an investigation into the company’s Autopilot system.

This came as shares in Chinese competitor NIO (NSYE: NIO) tumbled 5.8% in the aftermath of two fatal accidents.

US stock market movers

Here’s how other popular US stocks started the week on Monday.

  • Intuitive Surgical (NASDAQ: ISRG) up 1.5%
  • PayPal (NASDAQ: PYPL) up 1.2%
  • Home Depot (NYSE: HD) up 1.2%
  • Moderna (NASDAQ: MRNA) down 4.1%
  • Twilio (NYSE: TWLO) down 5.0%
  • Sea Ltd (NYSE: SE) down 5.3%

Back home on the ASX, the S&P/ASX 200 (ASX: XJO) is heading towards a positive open on Tuesday as ASX reporting season continues.

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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“.

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You’ll find the free report on my Author page. Simply click the button below to view the Golden Rules.

Get 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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