US stock markets remain stuck in a tight trading range as bullish and bearish investors alike await key economic data in the coming weeks.
Last night it was the Dow Jones that fell 0.4% with the major banks selling off on signs the economic recovery may be more mixed than expected.
The Nasdaq outperformed, falling just 0.1%, with big tech once again seeing strong flows as investors seek ‘quality’. The S&P 500 was similarly down 0.2%.
After-market US inflation data will be released with expectations pointing to a 0.5% monthly increase and a 4.8% year-on-year increase, a near-record.
Anyone seeking a new car or running a business that requires shipments around the world would be well aware of the inflation that already exists, with some experts still questioning whether it will be transitory.
Stepping back, it clearly appears so given the huge disruption to the global supply chain of almost every good.
The Japanese economy shrank worse than expected with an outbreak ahead of the Olympics sending the economy 3.9% lower on an annualised basis.
Turning to company-specific news, Target Group (NYSE: TGT) increased its dividend by 32% after reporting strong traffic growth of 4.8% across its store network. Despite this, Target shares finished the day 1.4% lower.
US stock market movers
Here’s how other popular US stocks performed on Wednesday.
- MongoDB (NASDAQ: MDB) up 3.1%
- Snapchat (NYSE: SNAP) up 2.7%
- Invitae (NYSE: NVTA) up 2.6%
- Trade Desk (NASDAQ: TTD) down 3.2%
- Appian (NASDAQ: APPN) down 4.0%
- Upstart (NASDAQ: UPST) down 5.9%
- Campbell Soup (NYSE: CPB) down 6.5%
Back home on the ASX, the S&P/ASX 200 (ASX: XJO) is heading towards a flat open on Thursday. For all the latest, check out Rask Media’s ASX 200 morning report.
