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US stock market report – PayPal & Tesla shares crunched

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 have ended their run of ‘perfect weeks’, finishing in the red overnight.

The Dow Jones fell over 200 points or 0.3%, with the Nasdaq down 0.6% and the S&P500 down 0.4%. The biggest detractors came from the consumer discretionary, financials and tech sectors.

PayPal crunched despite Amazon partnership

PayPal (NASDAQ: PYPL) fell by more than 10% after providing a lower-than-expected forecast for fourth-quarter revenue due to supply chain and labour issues.

The company reported US$310 billion in transaction volume in the third quarter and a major deal to act as a check out option for Amazon (NASDAQ: AMZN).

GE to split

Shares in General Electric (NYSE: GE) gained close to 3% after the historic conglomerate announced a further rationalisation as it sets about separately listing its healthcare, energy and aviation businesses.

Tesla tanks on share sales

Tesla (NASDAQ: TSLA) sank by 12% following a poll by CEO Elon Musk that asked Twitter users whether he should sell a portion of his shareholding to fund the execution of free options.

It appears the market is bracing for this share sale. Musk takes no salary from the business.

US stock market movers

These US stocks were some of the biggest movers overnight.

  • Roblox (NYSE: RBLX) up 42.2%
  • Five9 (NASDAQ: FIVN) up 14.5%
  • Trade Desk (NASDAQ: TTD) up 9.4%
  • Palantir (NYSE: PLTR) down 9.4%
  • Invitae (NYSE: NVTA) down 21.9%
  • Tripadvisor (NASDAQ: TRIP) down 10.2%

Despite this negative lead from US markets, the S&P/ASX 200 (ASX: XJO) is expected to open higher this morning. To find out more, 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.

Disclosure: At the time of publishing, Drew owns shares in The Trade Desk.

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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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