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US stock market report – Avis shares soar, Pfizer’s earnings beat

US stock markets pushed further into record territory on Tuesday, with the Dow Jones and S&P 500 both gaining 0.4% and the Nasdaq also climbing, finishing 0.3% higher.

Avis the new ‘meme stock’

Shares in Tesla (NASDAQ: TSLA) fell another 2% after Elon Musk announced that the deal for Hertz to buy 100,000 cars was not yet signed, despite the company begging to differ.

Competitor Avis Budget Group (NASDAQ: CAR) became the latest meme stock to light up message boards and social media with shares gaining over 100% in less than two hours of trading after the company reported a 96% increase in revenue and a record quarterly profit of US$674 million. This appears to be another short squeeze.

Pfizer beats estimates

Shares in Pfizer (NYSE: PFE) have remained strong, gaining close to 4% after the company beat analyst expectations in the quarter.

Profit was up sixfold as last year’s fall in demand filtered through with revenue more than doubling to US$24 billion.

Vaccine revenue reached US$14 billion from US$1 billion in the prior year before the COVID vaccine was released, of which 75% of sales are coming from outside the US.

In macro news, the Federal Reserve is expected to taper bond purchases as part of its current two-day meeting.

US stock market movers

Here’s how other popular US stocks fared overnight.

  • Arista Networks (NYSE: ANET) up 20.4%
  • Toast (NYSE: TOST) up 14.1%
  • Under Armour (NYSE: UA) up 13.9%
  • Ralph Lauren (NYSE: RL) down 9.7%
  • Zillow (NASDAQ: Z) down 10.4%
  • Opendoor (NASDAQ: OPEN) down 10.7%

Back home on the ASX, the S&P/ASX 200 (ASX: XJO) is set to follow US markets higher at the open on Wednesday. For all the latest, check out my ASX 200 morning report.

The Golden Rules of Investing

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

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At the time of publishing, the author of this article does not have a financial or commercial interest in any of the companies mentioned.

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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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