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.
