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US stock market report – Lululemon runs higher

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 reversed their four day run of positive finishes, with the Nasdaq leading the market down 1.2% on Wednesday.

Among the key drivers was a lack of progress on the ceasefire in Ukraine and a ramping up of hostilities.

The result was an increase in the oil price and both the Dow Jones, down 0.2%, and S&P 500, down 0.6% also falling.

US economic data remains strong with GDP revised down to 6.9% for the quarter and another 455,000 private-sector jobs added in March.

Meme stocks back in the headlines, Lululemon delivers

The meme stock popularity is back with GameStop (NYSE: GME) and AMC (NYSE: AMC) both falling heavily despite a surge in trading volumes once again.

Athleisurewear retailer Lululemon (NASDAQ: LULU) jumped close to 10% after reporting that annual sales had reached US$6 billion for the first time and are expected to grow to US$7.5 billion in 2022. The company reported US$434 million first-quarter profit.

Back home on the ASX, the S&P/ASX 200 (ASX: XJO) is set to buck this negative trend from US stock markets to edge higher 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.

Get the golden rules

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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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