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US stock market report – Musk bids for Twitter, Amazon hikes costs

US stock markets finished the shortened week on a negative note, with the technology sector falling 2.5% and dragging the Nasdaq down 2.1%.

The Dow Jones and S&P 500 fared better, falling 0.3% and 1.2%, respectively, with the outperformance primarily driven by a stronger than expected result from Morgan Stanley (NYSE: MS).

The investment bank’s shares rallied despite an 11% fall in earnings and a 6% drop in revenue following an incredible 2021.

Elon Musk bids for Twitter

But all eyes were on Elon Musk and Twitter (NYSE: TWTR), which initially jumped close to 20% after Musk announced his intention to acquire all the remaining shares in the company.

This was met with a significant amount of pressure with the underperforming social media group facing a difficult decision.

Amazon hikes costs

Shares in Amazon (NASDAQ: AMZN) fell 2.5% after the company announced it would be hiking costs to third-party sellers and other parties by 5% in an effort recoup higher labour and transaction costs.

This came as retail sales increased far less than expected, at 0.5% in March hit by higher fuel costs.

US stock markets finish in the red

Across the week, the Dow Jones fell 0.8%, the S&P 500 retreated 2.1% and the Nasdaq tumbled 2.6%.

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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