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US stock market report – Twitter soars 27% after Elon Musk buys stake

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

The Chinese Hang Seng index was among the highlights on a stronger than expected Monday with the market gaining 2.2% on news the Chinese government had committed to audit sharing with the US in an effort to ensure Chinese companies remain listed overseas.

The likes of Pinduoduo (NASDAQ: PDD) and Alibaba (NYSE: BABA) were the key beneficiaries, gaining 15% and 6%, respectively, following an equally strong session on Friday.

The Nasdaq also outperformed, up 1.9%, with the technology sector the key contributor up 1.6% for the session.

Musk buys into Twitter, Tesla delivers solid update

The key driver was news that Elon Musk had purchased a 9.2% stake in Twitter (NYSE: TWTR), sending shares 27% higher.

His own Tesla (NASDAQ: TSLA) business also buoyed the market, gaining 5.6% despite an ‘exceptionally difficult quarter’. The company managed to deliver 310,000 cars overcoming supply chain and labour issues.

Starbucks (NASDAQ: SBUX) fell 3.7% after the new CEO put a stop to the popular share buyback.

The Dow Jones underperformed, gaining 0.3% while the S&P 500 climbed 0.8%.

US stock market movers

Here’s how other popular US stocks started the week on Monday.

Back home on the ASX, the S&P/ASX 200 (ASX: XJO) is set to follow this positive lead from US stock markets to open higher this morning. For a round-up of the latest news, check out my ASX 200 sharemarket report.

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

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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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