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US stock market report – Tesla share price soars, PayPal steps back from Pinterest deal

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.
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US stock markets once again finished at all-time highs ahead of some 150 of the S&P 500 companies reporting this week.

The Dow Jones underperformed, gaining 0.2%, with consumer discretionary and materials shares the biggest beneficiaries, sending the S&P 500 and Nasdaq up 0.5% and 0.9%, respectively.

As has been the case for several years, it now appears a tax targeted at billionaires and large corporations may now have the support of Congress, with policy earmarked to support Biden’s ambitious climate and social package.

Tesla share price soars, PayPal steps back from Pinterest deal

Shares in Tesla (NASDAQ: TSLA) gained over 12% after hire company Hertz (PA: HTZ) announced plans to purchase 100,000 Model 3 cars from the company.

Meanwhile, PayPal (NASDAQ: PYPL) also gained 3% after announcing it would not be proceeding with the offer for Pinterest (NYSE: PINS). While the market sent PayPal shares higher on the news, the Pinterest share price tumbled nearly 13%.

Featured: Tesla & Netflix quarterlies, Magellan’s AGM & more

US stock market movers

Here’s how other popular US stocks moved overnight.

  • Coinbase (NASDAQ: COIN) up 8.2%
  • Moderna (NASDAQ: MRNA) up 7.1%
  • Square (NYSE: SQ) up 3.5%
  • Baidu (NASDAQ: BIDU) down 1.2%
  • American Express (NYSE: AXP) down 2.6%
  • Trip.com (NASDAQ: TCOM) down 4.4%

Back home on the ASX, the S&P/ASX 200 (ASX: XJO) is set to follow this positive lead from US markets to open higher on Tuesday. 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

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.

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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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