US and other global stock markets finished the week on a more positive note than the S&P/ASX 200 (ASX: XJO), which fell 2.2% over the five days.
The Nasdaq led the way, up 1.2%, with the likes of Apple (NASDAQ: AAPL), Microsoft (NASDAQ: MSFT) and Tesla (NASDAQ: TSLA) jumping amid dip-buying.
The Dow Jones and S&P 500 were comparatively weaker, up 0.6% and 0.8% respectively, with the financial and energy sectors struggling as the economic backdrop worsens.
Over the week, these sectors were down over 2% and 7% each, taking the Dow Jones down 1.1%. Both the Nasdaq and S&P 500 were down around 0.6%.
The strategy of buying the dip, i.e. putting cash into the market whenever it weakens, has paid off for many years now and appears to be supporting daily trading.
During the week it was consumer staples and healthcare companies that investors were seeking.
The biggest news, however, was the strengthening USD amid ongoing taper talk, which has been a significant cause of the week’s big sell-off in commodities.
John Deere showing green shoots
There was positive news from agricultural and construction machinery supplier Deere & Co (NYSE: DE) with the company seeing agricultural sales up 30% and construction 28% in the quarter, resulting in a solid profit result.
Given the important role of machinery in most traditional industries, it’s a positive sign of the global recovery.
US stock market movers
Here’s how other popular US stocks finished the week on Friday.
- Spotify (NYSE: SPOT) up 5.6%
- Unity (NYSE: U) up 5.5%
- NVIDIA (NASDAQ: NVDA) up 5.1%
- Domino’s (NYSE: DPZ) down 1.7%
- Snowflake (NYSE: SNOW) down 4.6%
- Robinhood (NASDAQ: HOOD) down 4.6%
Back home on local markets, the S&P/ASX 200 (ASX: XJO) is set to follow US markets higher at the open on Monday. For all the latest, check out Rask Media’s ASX 200 daily report.
