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US stock markets turn on Powell comments, Tesla delivers record quarter

US stock markets weakened once again overnight following comments from Federal Reserve Chair Jerome Powell indicating he agreed with recent comments around the need for more aggressive rate hikes.

As has been the case, the Dow Jones outperformed, falling 1.1%, the S&P 500 fell 1.5% and the Nasdaq was down 2.1%.

Tesla delivers record profit

Tesla (NASDAQ: TSLA) was the standout, with the company delivering a record quarterly profit of US$3.2 billion after sales revenue surged 81% to US$18.6 billion in March.

The group is clearly managing pandemic and supply chain issues better than its competitors.

Elon Musk also highlighted the group’s current focus on a dedicated robotaxi. Tesla shares gained more than 3%.

Carvana share price tanks

It was the opposite story for Carvana (NYSE: CVNA), which may well have been one of the best examples of profitless tech.

The Carvana share price fell 10% after management flagged a 500% increase in its net loss despite strong revenue growth, blaming its policy of investing into capacity ahead of demand, which never actually came.

On the positive, United Airlines (NYSE: UAL) gained 9% after announcing it expects its first quarterly profit in several years to occur in 2022.

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