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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.

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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.

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Are you stuck wondering where to invest right now? Have you got cash 'sitting on the sidelines'? Are you looking for dividend income AND growth but don't know where to start? Rask's expert ASX analyst team has just released a full report, detailing where we'd invest $10,000 right now.

Not only are we offering these 11 investment ideas completely FREE, we've also released an in-depth podcast to go with the report!

So, whether you have $2,000 or $50,000, our brand new analyst report could help transform your watchlist. Right now, you can get the full analyst report emailed to you for FREE by CLICKING HERE NOW.

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

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