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US stock market report – retailers recover, fears linger

All three US stock markets looked to be turning the corner on Thursday, trading in positive territory but ultimately reversing gains with the Dow Jones finishing 0.8% lower.

The S&P 500 and Nasdaq both fell, down 0.6% and 0.3% as a wall of worry sends markets nearly 20% off in 2022.

Retailers recover

Retailer Kohl’s (NYSE: KSS) reversed recent losses, gaining 4.4%, despite missing sales and profit expectations significantly, showing signs the sell-off may be coming to an end.

Retail sales in the US showed a 20% jump in services spending, which could help the ballooning inflation rate that is predominantly focused on goods.

Unemployment benefits increased whilst the manufacturing index dropped heavily as sentiment continues to weaken.

Harley Davidson fails to fire, Cisco tumbles

Harley Davidson (NYSE: HOG) shares fell 9% after announcing it would suspend all assembly and shipments for two weeks due to supply chain issues.

Meanwhile, Cisco (NASDAQ: CSCO) fell another 13% after reporting flat revenue and guiding for weaker growth for the networking equipment giant.

US stock market movers

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

Back home on the ASX, the S&P/ASX 200 (ASX: XJO) is set to be relatively unmoved 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.

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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