US stock markets appeared to turn the corner overnight, with the Dow Jones and S&P 500 finishing 0.3% and 0.2% higher, respectively.
The Nasdaq continued its weakness, however, falling 0.2% as investors return to more defensive names.
The trigger remains a ‘reset’ of the market due to the significant short-term jump in higher bond rates. However, it is difficult to predict what happens from here with supply-side inflation combining with a surge in energy prices having unexpected impacts on the economy.
The country continues to benefit from surging home sales, which were four times higher than expected, up 8.1% in a sign that supply is returning to the market.
Meanwhile, shares in Evergrande (HKG: 3333) surged 15% as the company begins selling off assets, in some cases to state-owned entities in order to ensure it meets impending repayments.
Featured: Anirban Mahanti’s thoughts on Evergrande on
US stock market movers
These US stocks were among the biggest movers on Wednesday.
- Dollar Tree (NASDAQ: DLTR) up 16.5%
- Electronic Arts (NASDAQ: EA) up 3.1%
- Netflix (NASDAQ: NFLX) up 2.6%
- HP (NYSE: HPQ) down 4.4%
- JD.com (NASDAQ: JD) down 5.0%
- Lightspeed Commerce (NYSE: LSPD) down 12.2%
Back home on the ASX, the S&P/ASX 200 (ASX: XJO) is set to rise when the market opens on Thursday. For all the latest, check out my ASX 200 morning report.
