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US stock market report – retailers recover, fears linger

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.
More analysis

All three US stock markets looked to be turning the corner on Thursday, trading in positive territory but ultimately reversing gains with the Dow Jones finishing 0.8% lower.

The S&P 500 and Nasdaq both fell, down 0.6% and 0.3% as a wall of worry sends markets nearly 20% off in 2022.

Retailers recover

Retailer Kohl’s (NYSE: KSS) reversed recent losses, gaining 4.4%, despite missing sales and profit expectations significantly, showing signs the sell-off may be coming to an end.

Retail sales in the US showed a 20% jump in services spending, which could help the ballooning inflation rate that is predominantly focused on goods.

Unemployment benefits increased whilst the manufacturing index dropped heavily as sentiment continues to weaken.

Harley Davidson fails to fire, Cisco tumbles

Harley Davidson (NYSE: HOG) shares fell 9% after announcing it would suspend all assembly and shipments for two weeks due to supply chain issues.

Meanwhile, Cisco (NASDAQ: CSCO) fell another 13% after reporting flat revenue and guiding for weaker growth for the networking equipment giant.

US stock market movers

Here’s how other popular US stocks performed on Thursday.

Back home on the ASX, the S&P/ASX 200 (ASX: XJO) is set to be relatively unmoved when the market opens this morning. For a round-up of the latest news, check out my ASX 200 morning report.

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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“.

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Get the golden rules

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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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