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US stock market report – Uber rallies, Disney disappoints

US stock markets couldn’t hold onto gains delivered during another ‘buy the dip’ session, suggesting investors are growing wary of a correction.

Both the Dow Jones and S&P 500 fell 0.1% at the close despite trading higher throughout the session. The Nasdaq gained, however, adding 0.2% on the back of another rotation to defensive tech stocks.

Industrials, utilities and communications, including the likes of AT&T (NYSE: T), fell as the potential fallout from Evergrande grows after the group defaulted.

Construction starts in the US are tracking Australia’s expectations with another 3.9% increase in August.

Featured: 6 factors for growth investing & Apple’s latest product launch

Uber share price rallies, Disney growth slows

On a company-specific level, Uber Technologies (NYSE: UBER) rallied nearly 12% after management confirmed it expects to reach ‘adjusted’ profitability in the third quarter for the first time, with a profit of US$25 million.

Meanwhile, shares in The Walt Disney Co (NYSE: DIS) fell 4.2% after management flagged a slowdown in subscriber growth with some 61 movies and 17 TV shows hit with production delays due to Delta.

Finally, Justin Trudeau is said to have won another minority government in Canada.

US stock market movers

Here’s how other popular US stocks performed on Tuesday.

  • Warner Music (NASDAQ: WMG) up 11.8%
  • Snapchat (NYSE: SNAP) up 6.1%
  • Airbnb (NASDAQ: ABNB) up 4.7%
  • 3M (NYSE: MMM) down 1.2%
  • Activision Blizzard (NASDAQ: ATVI) down 4.1%
  • DraftKings (NASDAQ: DKNG) down 7.4%

Back home on the ASX, the S&P/ASX 200 (ASX: XJO) has edged lower at the open this morning. For all the latest, check out Rask Media’s ASX 200 morning report.

The Golden Rules of Investing

We might be experts in retirement, but with combined financial advice experience of 35+ years, we’ve nearly seen it all. 

In mid-2023, our senior team at Wattle Partners Financial Planning put the finishing touches on a brand-new report “The Golden Rules of Investing“.

In this free report, we outline the key principles that determine all of the portfolio construction and investment decisions of Wattle Partners. Collated over decades, this paper should be seen as a work-in-progress, constantly under review in light of the ever-evolving nature of markets. 

You’ll find the free report on my Author page. Simply click the button below to view the Golden Rules.

Information warning: The information on this website is published by The Rask Group Pty Ltd (ABN: 36 622 810 995) is limited to factual information or (at most) general financial advice only. That means, the information and advice does not take into account your objectives, financial situation or needs. It is not specific to you, your needs, goals or objectives. Because of that, you should consider if the advice is appropriate to you and your needs, before acting on the information. If you don’t know what your needs are, you should consult a trusted and licensed financial adviser who can provide you with personal financial product advice. In addition, you should obtain and read the product disclosure statement (PDS) before making a decision to acquire a financial product. Please read our Terms and Conditions and Financial Services Guide before using this website. The Rask Group Pty Ltd is a Corporate Authorised Representative (#1280930) of AFSL #383169.

Disclosure: At the time of publishing, Drew owns shares in Disney.

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Wattle Partners is a financial advice firm, servicing clients around Australia, specialising in retirement planning (pre and post retirement). 

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