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

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

US stock market report – financial stocks tumble

All three US stock markets pushed lower on the first day of March as Russia ramped up its attacks on Ukraine’s biggest cities, with the Dow Jones the hardest hit, falling 1.8%.

The primary driver was a sell-off in financial stocks and banks, with American Express (NYSE: AXP) down 8% and JP Morgan (NYSE: JPM) down 3% as bond yields continued to fall. These companies traditionally benefit from higher interest rates, but with the market now predicting the Fed will hold off on rate hikes, profit growth may be challenged.

The Nasdaq outperformed, falling 1.6%, but shares in Zoom (NASDAQ: ZM) continued their retreat, down 3%, after the company reported moe than 20% growth in sales but flagged a significant slowdown in profits as work-from-home orders end.fi–

The S&P 500 lost 1.6%, with Target (NYSE: TGT) a key contributor as retail sales continue to surge and the company invested heavily in its supply chain; Target shares gained nearly 10%. Same-store sales is smashing Australian businesses, up 8%, despite the mature nature of the business, with 95% of sales fulfilled by stores and not warehouses.

Back home on the ASX, the S&P/ASX 200 (ASX: XJO) is tipped to follow US stock markets lower 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.

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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