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US stock market report – Big Tech regulation 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

All three US markets finished higher on Thursday, the Dow Jones up 0.4%, S&P 500 up 0.3% and the Nasdaq only slightly at 0.1%.

Apple (NASDAQ: AAPL) was a key contributor to the rally given it is the US’ largest public company. Apple shares finished around 1% higher after the group announced a loosening of restrictions on its App Store that will allow third-party apps to avoid paying commissions to Apple for some in-app subscriptions.

It was a great day for the likes of Spotify (NYSE: SPOT) and Netflix (NASDAQ: NFLX), which were up over 6% and 1%, respectively.

Sticking with the FAANGS, Facebook (NASDAQ: FB) has been levied a US$267 million fine by the Ireland Government for breaking data protection rules, sending shares close to 2 % lower.

Finally, Bill Gross, founder of PIMCO, has suggested those funds buying long-term US Government bonds today belong in the “investment garbage can”.

US stock market movers

Here’s how other popular US stocks performed overnight.

  • Match Group (NASDAQ: MTCH) up 6.1%
  • Unity (NYSE: U) up 5.3%
  • Dollar Tree (NASDAQ: DLTR) up 2.9%
  • Visa (NYSE: V) down 2.6%
  • Autodesk (NASDAQ: ADSK) down 5.2%
  • Chewy (NYSE: CHWY) down 9.3%

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

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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