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US stock markets suffer worst drop since 2020, stagflation fears rise

All three US stock markets suffered their worst falls since the pandemic hit, led by the Nasdaq which finished 4.7% lower.

The Dow Jones and S&P 500 fell 3.6% and 4.0%, respectively, amid growing concerns of a stalling economy and stagflation risk.

Target, Tesla slump

Every sector was lower, with consumer staples among the biggest detractors following a collapse in discount retailer Target (NYSE: TGT). The company saw shares tumble by 25% in a single session after reporting a quarterly profit that was well short of expectations, falling to US$1 billion from US$2.1 billion the year prior. Revenue was higher, growing 4%, however, cost of sales surged amid an increase in fuel, transport and labour costs.

It was the opposite story for TJ Maxx operator TJX Co’s (NYSE: TJX) which gained 11% on a 10% jump in profits and a similar increase in revenue as consumers looked for discounted goods.

Tesla (NASDAQ: TSLA) also fell close to 7% after the E&P Index provider dropped the company from their ESG universe on governance concerns.

US stock market movers

Here’s how other popular US stocks fared overnight.

This negative lead from US stock markets is expected to send the S&P/ASX 200 (ASX: XJO) lower when the market opens 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.

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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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