The upward march continued in US stock markets during the week with all three benchmarks closing higher on Friday. The Dow Jones was the highlight, gaining 0.6%.
Both the S&P 500 and Nasdaq were also positive, up 0.4% and 0.2%, but it was all about the reopening trade.
Groups including travel booking platform Expedia (NASDAQ: EXPE) and Live Nation (NYSE: LYV) gained more than 15% each after unemployment fell to 4.6% and trading conditions returned to normal.
Over the week it was all about the Nasdaq, which gained 3.1% whilst overcoming bond yield increases with the S&P 500 and Dow up 2.0% and 1.4%, respectively.
Peloton tanks, Uber surprises
The return to normal is being evidenced by the differing performance in companies, with at-home fitness group Peloton (NASDAQ: PTON) falling over 35% on Friday after announcing sales that were a third lower than analysts expected.
Investment analysts Owen Rask, Anirban Mahanti and Claude Walker discussed Peloton’s report during Friday’s live stream of The Australian Investors Podcast. You can check out the snippet in the video below.
On the other hand, Uber (NYSE: UBER) gained 4.2% after announcing that revenue had grown 72% on the prior year on the back of a 57% increase in quarterly bookings to US$23 billion.
US stock market movers
Here’s how other popular US shares performed on Friday to close out the week.
- Airbnb (NASDAQ: ABNB) up 13.0%
- Datadog (NASDAQ: DDOG) up 11.1%
- Pfizer (NYSE: PFE) up 10.9%
- Zoom (NASDAQ: ZM) down 6.2%
- Dropbox (NASDAQ: DBX) down 10.3%
- Moderna (NASDAQ: MRNA) 16.6%
Back home on the ASX, the S&P/ASX 200 (ASX: XJO) is set to follow this positive lead from US markets to open higher on Monday. For a round-up of the latest news, check out my ASX 200 morning report.
