Search by ticker code:
Generic filters

Search by ticker code:
Generic filters

Search by ticker code:
Generic filters

US stock market report – Biden & Powell talk inflation

US stock markets finished unchanged for the month of May, after closing slightly lower on Wednesday.

The Dow Jones fell 0.7%, the S&P 500 dropped 0.6% and the Nasdaq was down 0.4% with the backdrop of an unprecedented meeting between Fed Chair Jerome Powell and President Joe Biden to discuss the challenge of inflation.

Consumer sentiment continues to weaken, hit by higher oil prices with the economy at risk of boiling over as Fed members flag more aggressive rate hikes despite weakening demand for goods.

It was a tough month for retailers with the likes of Target (NYSE: TGT) falling heavily as inventories soared just as demand for products shifted to services.

On the positive side was Salesforce.com (NYSE: CRM) with the company up 6% in after-hours trading after reporting a double-digit jump in revenue but a shrinking profit.

Chinese stocks including Alibaba (NYSE: BABA) and JD.Com (NASDAQ: JD) continued to rally as lockdowns come to an end while Amazon (NASDAQ: AMZN) jumped 4% after approving its stock split.

Back home on the ASX, the S&P/ASX 200 (ASX: XJO) is expected to trickle higher 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.


Disclosure: At the time of publishing, Drew owns shares in Alibaba.

Powered by

Wattle Partners is a financial advice firm, servicing clients around Australia, specialising in retirement planning (pre and post retirement). 

Skip to content