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US stock market report – retail sales grow, AMC to accept Bitcoin

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 were mixed with both the S&P 500 and Dow Jones falling 0.2% overnight.

Retail sales grow, big tech gains

The Nasdaq continued its positive run, adding 0.1% as Amazon (NASDAQ: AMZN) gained 0.4% on stronger than expected retail sales.

The result was significantly better than expected, with retail sales up 0.7% in August, turning around the expected result of a 0.7% fall. Excluding vehicle sales, growth was 1.8%. However, worrying trends are emerging as both restaurant and bar spending continues to flatline, likely holding back the recovery. And why not when it was reported overnight that one in 500 Americans have died from COVID-19.

AMC to accept Bitcoin, Cisco guides for growth

Meme stock king AMC Entertainment (NYSE: AMC) fell 1.7% despite announcing its intention to accept Bitcoin for movie ticket purchases before Christmas.

Meanwhile, shares in Cisco (NASDAQ: CSCO) were flat despite forecasting revenue growth of 5-7% over the next four years.

US stock market movers

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

  • Duolingo (NASDAQ: DUOL) up 15.4%
  • Trade Desk (NASDAQ: TTD) up 3.4%
  • Square (NYSE: SQ) up 2.5%
  • Snapchat (NYSE: SNAP) down 1.6%
  • Newmont (NYSE: NEM) down 4.0%
  • Bilibili (NASDAQ: BILI) down 4.6%

Back home on the ASX, the S&P/ASX 200 (ASX: XJO) is heading towards a negative 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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