Changes are happening - please bear with us while we update our site.

Changes are happening - please bear with us while we update our site. Click here to give us your advice and feedback.

US stock market report – Snapchat & Intel shares tumble

The Dow Jones finished at its first all-time high in over a month, gaining another 0.2%, taking the weekly return to 1.1%.

The S&P 500 and Nasdaq both underperformed, down 0.1% and 0.8%, respectively, with the technology sector taking a hit from Snapchat’s (NYSE: SNAP) weaker than expected update.

Over the week, however, it was all positive with both indices gaining over 1%.

Snap cracked

Returning to earnings season, social media platform Snapchat was down 26% in Friday’s session after management complained about Apple (NASDAQ: AAPL) implementing new privacy measures.

According to the announcement, the new security changes mean advertisers can no longer target individuals as closely as before. The social media company also flagged a falling spend in advertising on the back of supply chain disruptions and a lack of product.

Featured: 5 key lessons to invest in global stocks

Intel misses on growth

Intel (NYSE: INTC) shares also tumbled on Friday, falling 11% as its revenue and data centre sales came out worse than expected.

Data centre chip sales were 10% higher, but below expectations given the importance of the sector for their future growth. Revenue improved a more mature 5%.

The company continues to deliver profit margins exceeding 50%, however, which drove a 50% increase in quarterly profit.

Biden’s admission

In political news, President Biden confirmed at a Town Hall meeting that he may struggle to deliver the corporate tax increases he hoped, buoying the market.

Despite this mostly negative lead from US markets, the S&P/ASX 200 (ASX: XJO) is expected to open higher on Monday. For a round-up of the latest news, 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.

Information warning: The information on this website is published by The Rask Group Pty Ltd (ABN: 36 622 810 995) is limited to factual information or (at most) general financial advice only. That means, the information and advice does not take into account your objectives, financial situation or needs. It is not specific to you, your needs, goals or objectives. Because of that, you should consider if the advice is appropriate to you and your needs, before acting on the information. If you don’t know what your needs are, you should consult a trusted and licensed financial adviser who can provide you with personal financial product advice. In addition, you should obtain and read the product disclosure statement (PDS) before making a decision to acquire a financial product. Please read our Terms and Conditions and Financial Services Guide before using this website. The Rask Group Pty Ltd is a Corporate Authorised Representative (#1280930) of AFSL #383169.


At the time of publishing, the author of this article does not have a financial or commercial interest in any of the companies mentioned.

Powered by

Wattle Partners is a financial advice firm, servicing clients around Australia, specialising in retirement planning (pre and post retirement). 

Skip to content