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US stock markets mixed on little direction

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 looked to be recovering lost ground on Monday, with the S&P 500 and Dow Jones trading higher but only the latter managing to finish that way, gaining 0.1% on another surge in the oil price.

The S&P 500 fell 0.4% and the Nasdaq was down 1.2% as investors digested the weaker than expected Chinese retail and industrial results.

Of greatest concern was a major shift in the New York Business Conditions index, which plummeted from 36.2 to negative 11.6 points following the latest rate hike. Investment banks continue to cut growth expectations, which now sit at 2.4% in 2022. The price of wheat is the latest to surge after India announced they would limit all exports amid a domestic shortage due to hot weather.

McDonald’s to exit Russia

McDonald’s (NYSE: MCD) fell 0.4% after announcing its exit from the Russian market would cost as much as USD$1.4 billion.

Corporate activity continued in the travel sector with Spirit Airlines (NYSE: SAVE) jumping more than 13% after JetBlue (NASDAQ: JBLU) launched a bid for the group.

Back home on the ASX, the S&P/ASX 200 (ASX: XJO) is tipped 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.

Get 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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