US stock markets have taken a breather overnight as they seek to come to terms with the flow-on effects of sanctions on Russia, their continued March forward and the ultimate outcomes of this war.
Combined with comments from the Federal Reserve, the cyclical focused Dow Jones outperformed, losing 0.3%, the S&P 500 fell 0.5% and the Nasdaq dropped 1.6%.
Leading cloud provider Salesforce (NYSE: CRM) reported earlier this week, seeing a 25% boost to cash flow from the system powering sales teams around the world.
The company guided for similar growth in 2023 however, the Salesforce share price continues to weaken.
Snowflake tanks, services sector slows
It was a similar story for cloud analysis software Snowflake (NYSE: SNOW), which fell 15% after providing lower guidance for 2023 as the threat of ‘earnings airpockets’ grows in even high-quality tech businesses.
The oil price weakened to around US$100 per barrel but with Russian oil sanctions likely next, there is little sign of a significant retracement.
The US services sector also slowed to a one year low as business and orders weakened across the economy.
US stock market movers
These US stocks were among the biggest movers on Thursday.
- Kroger (NYSE: KR) up 11.6%
- Best Buy (NYSE: BBY) up 9.2%
- Splunk (NASDAQ: SPLK) up 6.0%
- Block (NYSE: SQ) down 8.1%
- Datadog (NASDAQ: DDOG) down 9.7%
- MongoDB (NASDAQ: MDB) down 14.3%
Back home on the ASX, the S&P/ASX 200 (ASX: XJO) is set to open lower this morning. For a round-up of the latest news, check out my ASX 200 morning report.
