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US stock market sell-off continues, Peloton share price tanks

US stock markets continued their downward trend overnight with all three benchmarks finishing in negative territory following the Nasdaq officially entering a correction.

The Nasdaq fell most, down 1.3%, with the S&P 500 and Dow Jones down 1.1% and 0.8%, respectively.

Economic data turned negative with an unexpected jump in unemployment claims due to layoffs associated with the Omicron outbreak, whilst home sales slumped close to 5% in December.

Peloton share price tanks (again)

Shares in popular pandemic winner Peloton (NASDAQ: PTON), which makes exercise equipment, fell another 24%, taking the 3-month loss to 75%.

The latest fall came after the company announced it would be halting production due to falling demand from consumers.

Airlines looking forward

Both American Airlines (NASDAQ: AAL) and United Airlines (NASDAQ: UAL) reported smaller than expected losses, losing US$931 million and US$646 million each in the final quarter of 2021.

This comes as the airlines focused on reducing capacity and doubled down on their most profitable airline routes. Shares in both companies were down over 3%.

Alcoa marches ahead

Shares in aluminium miner Alcoa (NYSE: AA) gained more than 2.5% after management confirmed surging demand for its products due to a boom in construction.

However, the company flagged supply issues should Russia invade Ukraine as President Biden has predicted.

What does this mean for the ASX?

Back home on the ASX, the S&P/ASX 200 (ASX: XJO) is set to follow US markets lower this morning. For a round-up of the latest news, 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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Wattle Partners is a financial advice firm, servicing clients around Australia, specialising in retirement planning (pre and post retirement). 

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