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US stock market report – Elon Musk waives Twitter board seat

Drew Meredith, CFP
Drew Meredith, CFP
Drew Meredith, CFP

Drew Meredith, CFP

Drew Meredith is one of the founders of Wattle Partners. He is an experienced financial and investment adviser with expertise in self-managed superannuation funds, superannuation strategies, investment analysis and portfolio construction. Drew is a Partner at Wattle Partners.
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It was another rough day for US stock markets with every major sector falling on the back of a combination of factors.

All sectors lower, bond yields move beyond 2.75%

Primarily, markets remain focused on the threat of higher bond rates and the outlook for the economy after the US 10-year yield reached 2.75%, the highest since 2019.

Concerns are also growing over the impact of Shanghai’s lockdowns, with car manufacturer NIO (NYSE: NIO) flagging a suspension of production in the region due to labour and supply shortages.

The result was every sector finishing lower, led by technology and energy, with the Nasdaq off 2.2% and the Dow Jones down 1.2%. The S&P 500 was also down 1.7% as even mega-cap tech started to weaken.

That said, investors are seeing value in both healthcare and financials amid the uncertainty.

Musk waives Twitter board seat, Shopify announces stock split

Twitter (NYSE: TWTR) shares gained 1.7% after Elon Musk, its largest shareholder, confirmed he would not be taking a board seat with the business following a number of media comments.

Musk was due to officially join the board on Saturday last week, however, Twitter CEO Parag Agrawal tweeted, “Elon shared that same morning that he will no longer be joining the board.”

Finally, dominant e-commerce provider Shopify (NYSE: SHOP) shares gained 2.5% after the company became the latest to announce a 10-for-1 stock split to make its share price more palatable.

US stock market movers

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

Back home on the ASX, the S&P/ASX 200 (ASX: XJO) is set to follow US stock markets lower 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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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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