US markets finished mixed for the financial year, with the Dow Jones and S&P 500 both positive, up 0.6% and 0.1% driven by a rally in consumer staples, energy and financials.
The tech-driven Nasdaq was slightly weaker, down 0.2% as the stay at home trade took a breather.
Over the financial year, the returns were among the strongest in the world with the Dow adding 34.1%, the S&P 500 37.9% and the Nasdaq 42.8% – the strongest returns for over 20 years.
Whilst the lower starting point and vaccine-led recovery helps, earnings have been the biggest surprise.
Micron’s beat
Micron Technologies (NASDAQ: MU), part of the important semiconductor sector, reported a 76% increase in cash flow and 36% growth in sales as its mobile and desktop chips saw huge demand amid a global shortage.
Boeing ramping up
Boeing (NYSE: BA) also jumped 1% after new plane orders began ramping up when United Airlines confirmed the purchase of 270 new aircraft.
Robinhood’s massive fine
Finally, popular low-cost trading platform Robinhood received the largest fine in FINRA history, hit with US$70 million in costs on alleged infractions that included providing false and misleading information to customers and failing to complete due diligence on options trading accounts for novice traders.
US stock market movers
Here’s how popular US stocks performed overnight.
- Airbnb (NASDAQ: ABNB) up 4.8%
- GAP (NYSE: GPS) up 3.3%
- Walmart (NYSE: WMT) up 2.7%
- Workday (NASDAQ: WDAY) down 3.1%
- Sea Ltd (NYSE: SE) down 4.4%
- MongoDB (NASDAQ: MDB) down 5.8%
Back home on the ASX, the S&P/ASX 200 (ASX: XJO) is tipped to edge lower at the open on Thursday to start the new financial year. For all the latest, check out Rask Media’s ASX 200 morning report.
