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US stock market report – Gap shares smashed 24%

US stock markets staged an intrasession comeback on Wednesday ahead of the Thanksgiving Day holiday in the US.

Attention has once again turned to economic data and the Federal Reserve with a plunge in first time jobless claims to 199,000, a fall of 71,000 people, hitting the lowest level since 1969.

The result saw the tech sector outperform, the Nasdaq ultimately finishing up 0.4%, the S&P 500 0.2% higher and the Dow Jones flat.

Alibaba (NYSE: BABA) appears to have ended its worst run in a decade, falling 20% in five sessions after an underwhelming earnings result, which shows that not every business is expensive today.

Gap shares on sale

Clothing retailer GAP (NYSE: GPS) offered an insight into what can go wrong in supply chains with management suggesting some US$550 to $650 million in sales would be lost due to supply chain issues and another US$450 million in air freight expenses.

The company is attempting to bring forward delivery of product from its struggling Vietnamese production facilities whilst being hit by West Coast port closures.

Gap shares fell 24% in stark contrast to Target (NYSE: TGT) which decided to charter its inventory on freight planes to guarantee supply rather than rely on traditional sources.

US stock market movers

Here’s how other popular US stocks performed on Wednesday.

  • HP (NSYE: HPQ) up 10.1%
  • Roblox (NYSE: RBLX) up 8.2%
  • Advanced Micro Devices (NASDAQ: AMD) up 5.3%
  • Snapchat (NYSE: SNAP) down 2.0%
  • Rivian (NASDAQ: RIVN) down 4.2%
  • Autodesk (NASDAQ: ADSK) down 15.5%

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

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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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