After nearing a bear market, measured by a fall of 20%, all three US stock markets are showing signs of recovery, led by the Nasdaq which gained 2.8% overnight.
The S&P 500 and Dow Jones were up 2% and 1.3%, respectively, as a number of major retailers released quarterly sales data.
Walmart slides
Retail sales more broadly appear to be weathering the inflationary storm, up 0.9% in April, however, shares in Walmart (NYSE: WMT) fell by more than 11% after reporting a near 25% fall in profit and 2% fall in revenue.
The retail chain is a place where normal Americans shop, meaning it offers an insight into the real economy which didn’t look great.
Twitter deal in reverse
Shares in both Twitter (NYSE: TWTR) and Tesla (NASDAQ: TSLA) gained as Elon Musk continued his crusade to renegotiate the takeover deal, this time citing concerns about fake accounts on Twitter and an unwillingness to buy without knowing how large they were.
Twitter shares finished the day 2.5% higher while Tesla shares jumped 5.1%.
US stock market movers
Here’s how other popular US stocks performed overnight.
- Paramount (NASDAQ: PARA) up 15.4%
- Take-Two Interactive (NASDAQ: TTWO) up 11.8%
- Advanced Micro Devices (NASDAQ: AMD) up 8.7%
- Boeing (NYSE: BA) up 6.4%
- Spotify (NYSE: SPOT) up 4.0%
- Kraft Heinz (NASDAQ: KHC) down 2.1%
Back home on the ASX, the S&P/ASX 200 (ASX: XJO) is tipped 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.