The Nasdaq delivered a third straight day of record gains, finishing 0.1% higher on the back of a 5.3% rally in Telsa (NASDAQ: TSLA), which is embarking on an ambitious rooftop solar program.
The S&P 500 and Dow Jones were both weaker, down 0.1% and 0.2%, respectively, with financials and retailers once again outperforming on signs of continued strength in the economy.
Economic data at records
The PMI readings, which are leading indicators for the economy, remain at strongly elevated levels with the manufacturing survey hitting 62.6 despite supply delays and the services PMI falling to 64.8; anything above 50 is seen as a strong expansion. European activity reached the fastest level since 2006 hitting 59.2.
The company that produces these readings, HIS Markit (NYSE: INFO) topped earnings estimates reporting US$1.2 billion in revenue and US$372 million in cash flow; shares fell over 1%.
Fannie Mae & Freddie Mac shares dive
The biggest news of the day was the collapse in the price of mortgage of last resort providers Fannie Mae (NYSE: FNMA) and Freddie Mac (NYSE: FMCC), which fell 32% and 35%, respectively. This came after the Supreme Court ruled dividends paid to the US Government following their bailout of the entities could not be recovered by investors.
US stock market movers
Here are some of the biggest movers and shakers in US markets overnight.
- Snapchat (NASDAQ: SNAP) up 5.4%
- Roku (NASDAQ: ROKU) up 4.5%
- Twitter (NYSE: TWTR) up 4.3%
- DoorDash (NASDAQ: DASH) down 2.8%
- Comcast (NASDAQ: CMCSA) down 3.7%
- Moderna (NASDAQ: MRNA) down 4.2%
Back home on the ASX, the S&P/ASX 200 (ASX: XJO) is set to dip at the open on Thursday. For all the latest, check out Rask Media’s ASX 200 morning report.
