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US stock market report – Chipotle shares soar

The US stock market continues to recover lost ground, with a rally in tech shares including Meta Platforms (NASDAQ: FB), which gained 5%, sending the Nasdaq 2.1% higher overnight.

The Dow Jones underperformed in comparison, gaining 0.9% and the S&P 500 added 1.5% ahead of another inflation data print on Friday Australian time. If the result is below the 7.2% annual rate predicted, the market could well take off once again.

Overnight the gold sector was the winner with commodity prices gaining on a weakening of the 10-year bond, which sent the after-inflation interest rate on offer to investors further into negative territory.

Disney earnings ahead, Chipotle banks on expansion

In company specific news, Walt Disney (NYSE: DIS) will report overnight with analysts hoping the company avoided the Netflix (NASDAQ: NFLX) slowdown, whilst Chipotle Mexican Grill (NYSE: CMG) gained more than 10%.

The company, which has similarities to the Magellan-owned Guzman y Gomez chain, doubled its profit to a record high after growing sales by 26%. The group is banking on an acceleration of new stores in smaller towns.

US stock market movers

Here’s how other popular US stocks finished the day on Wednesday.

  • Block (NYSE: SQ) up 10.3%
  • MercadoLibre (NASDAQ: MELI) up 7.8%
  • Snap (NYSE: SNAP) up 7.3%
  • Atlassian (NASDAQ: TEAM) up 5.5%
  • Coca-Cola (NYSE: KO) down 1.5%
  • CVS Health (NYSE: CVS) down 5.4%

Back home on the ASX, the S&P/ASX 200 (ASX: XJO) is poised to follow US stock markets higher at the open this morning. 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.

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Disclosure: At the time of publishing, Drew owns shares in Disney.

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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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