The rotation from growth and technology stocks continued to gather steam overnight with the Nasdaq falling 0.5% as traders grow more concerned about the long-term economic outlook.
The Dow Jones and S&P 500 were both higher, by 0.5% and 0.1%, after the oil price staged another recovery.
Infrastructure bill passes
All eyes were on Washington though as the Senate finally passed an infrastructure bill that has been in the pipeline for several years.
The policy will see US$1 trillion in spending, an additional US$550 billion on what was already planned, which whilst positive is just a drop in the ocean compared to the size of the US economy.
Trade Desk hands in strong earnings report
Programmatic advertising group The Trade Desk (NASDAQ: TTD) jumped 7.6% after delivering another strong earnings result with revenue doubling on 2020 levels to US$280 million, profit also doubled to US$47 million.
The company works alongside the likes of Google, Netflix (NASDAQ: NFLX) and Facebook (NASDAQ: FB) to deliver regular, targeted advertising which are seeing a huge recovery after last year’s weakness.
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US stock market movers
Here’s how other popular US shares fared on Tuesday.
- MercadoLibre (NASDAQ: MELI) up 7.0%
- Pfizer (NYSE: PFE) up 4.8%
- eBay (NASDAQ: EBAY) up 3.0%
- Intuitive Surgical (NASDAQ: ISRG) down 3.5%
- CrowdStrike (NASDAQ: CRWD) down 4.1%
- Spotify (NYSE: SPOT) down 4.1%
Back home on the ASX, the S&P/ASX 200 (ASX: XJO) is set to open higher on Wednesday as Commonwealth Bank of Australia (ASX: CBA) gears up to report FY21 results. For all the latest, make sure to bookmark Rask Media’s ASX reporting season calendar.
