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US stock market report – Lululemon runs higher

US stock markets reversed their four day run of positive finishes, with the Nasdaq leading the market down 1.2% on Wednesday.

Among the key drivers was a lack of progress on the ceasefire in Ukraine and a ramping up of hostilities.

The result was an increase in the oil price and both the Dow Jones, down 0.2%, and S&P 500, down 0.6% also falling.

US economic data remains strong with GDP revised down to 6.9% for the quarter and another 455,000 private-sector jobs added in March.

Meme stocks back in the headlines, Lululemon delivers

The meme stock popularity is back with GameStop (NYSE: GME) and AMC (NYSE: AMC) both falling heavily despite a surge in trading volumes once again.

Athleisurewear retailer Lululemon (NASDAQ: LULU) jumped close to 10% after reporting that annual sales had reached US$6 billion for the first time and are expected to grow to US$7.5 billion in 2022. The company reported US$434 million first-quarter profit.

Back home on the ASX, the S&P/ASX 200 (ASX: XJO) is set to buck this negative trend from US stock markets to edge higher this morning. For a round-up of the latest news, check out my ASX 200 morning report.

The Golden Rules of Investing

We might be experts in retirement, but with combined financial advice experience of 35+ years, we’ve nearly seen it all. 

In mid-2023, our senior team at Wattle Partners Financial Planning put the finishing touches on a brand-new report “The Golden Rules of Investing“.

In this free report, we outline the key principles that determine all of the portfolio construction and investment decisions of Wattle Partners. Collated over decades, this paper should be seen as a work-in-progress, constantly under review in light of the ever-evolving nature of markets. 

You’ll find the free report on my Author page. Simply click the button below to view the Golden Rules.

Information warning: The information on this website is published by The Rask Group Pty Ltd (ABN: 36 622 810 995) is limited to factual information or (at most) general financial advice only. That means, the information and advice does not take into account your objectives, financial situation or needs. It is not specific to you, your needs, goals or objectives. Because of that, you should consider if the advice is appropriate to you and your needs, before acting on the information. If you don’t know what your needs are, you should consult a trusted and licensed financial adviser who can provide you with personal financial product advice. In addition, you should obtain and read the product disclosure statement (PDS) before making a decision to acquire a financial product. Please read our Terms and Conditions and Financial Services Guide before using this website. The Rask Group Pty Ltd is a Corporate Authorised Representative (#1280930) of AFSL #383169.

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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