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US stock market report – tech continues to fall, defensives in favour

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 appeared to turn the corner overnight, with the Dow Jones and S&P 500 finishing 0.3% and 0.2% higher, respectively.

The Nasdaq continued its weakness, however, falling 0.2% as investors return to more defensive names.

The trigger remains a ‘reset’ of the market due to the significant short-term jump in higher bond rates. However, it is difficult to predict what happens from here with supply-side inflation combining with a surge in energy prices having unexpected impacts on the economy.

The country continues to benefit from surging home sales, which were four times higher than expected, up 8.1% in a sign that supply is returning to the market.

Meanwhile, shares in Evergrande (HKG: 3333) surged 15% as the company begins selling off assets, in some cases to state-owned entities in order to ensure it meets impending repayments.

Featured: Anirban Mahanti’s thoughts on Evergrande on 

US stock market movers

These US stocks were among the biggest movers on Wednesday.

Back home on the ASX, the S&P/ASX 200 (ASX: XJO) is set to rise when the market opens on Thursday. For all the latest, check out my 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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Wattle Partners is a financial advice firm, servicing clients around Australia, specialising in retirement planning (pre and post retirement). 

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