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US stock markets stage mid-session rally, Berkshire buys into HP

US stock markets recovered as investors continue to digest news that the Federal Reserve will seek to move interest rates above 3% whilst reducing the size of their balance sheet by as much as US$1 trillion this year.

Bond markets don’t appear to believe comments that this will not trigger a recession, but equity markets were buoyed with the S&P 500 outperforming, gaining 0.4%, the Dow Jones climbed 0.3% and the Nasdaq finished just positive.

The 10-year and 30-year bond yields have moved beyond 2019’s highs ahead of an important earnings season ahead.

Berkshire buys into HP

Shares in computer maker HP Inc (NYSE: HPQ) jumped by close to 15% after Berkshire Hathaway (NYSE: BRK.A) (NYSE: BRK.B) disclosed they had purchased an 11% stake in the company, investing some of their massive cash holdings.

Meanwhile, challenger bank SoFi Technologies (NASDAQ: SOFI) fell by more than 7% following the moratorium on student loan repayments, which will hit profits.

More defensive companies including Merck (NYSE: MRK), Walgreens (NASDAQ: WBA) and Home Depot (NYSE: HD) continue to outperform, up 2.2%, 1.8% and 1.4%, respectively, on Thursday.

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 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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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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