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US stock market report – Zoom & Best Buy shares crunched

The trend in US stock markets remained similar on Tuesday, with the Nasdaq continuing to weaken, falling 0.5% after a small increase in bond yields hurt strong valuations.

The Dow Jones outperformed, gaining 0.5%, whilst the S&P 500 added 0.2% as both the oil price and economic data provided a mixed outlook.

The US Government revealed plans to release 50 million barrels of oil to ease high fuel costs. However, the sector rose on the news anyway.

Similarly, the manufacturing PMI index moved back above 59 points despite growing supply chain issues.

Featured interview: Wayne Jones, Ganes Capital

Best Buy shares tank

Speaking of supply chain issues, Best Buy (NYSE: BBY) fell by over 12% after reporting just 1.6% same-store sales growth across its JB Hi-Fi (ASX: JBH) like network of stores.

The retailer’s margin took a slight hit as international sales fell and management flagged a further weakening in holiday sales.

Zoom share price takes 15% haircut

Zoom (NASDAQ: ZM) fell by nearly 15% as it becomes obvious the difficulties the company will face in a post lockdown world.

Earnings and revenue figures were strong but traders were concerned about a weaker forecast for the fourth quarter.

US stock market movers

These popular US stocks were among the biggest movers on Tuesday.

  • Dollar Tree (NASDAQ: DLTR) up 9.2%
  • Occidental Petroleum (NYSE: OXY) up 6.4%
  • Tesla (NASDAQ: TSLA) down 4.1%
  • DoorDash (NYSE: DASH) down 8.5%
  • Opendoor (NASDAQ: OPEN) down 8.9%
  • SentinelOne (NYSE: S) down 9.2%

Back home on the ASX, the S&P/ASX 200 (ASX: XJO) is expected to be relatively unmoved when the market opens this morning. For a round-up of the latest news, check out my ASX 200 morning report.

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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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