The S&P 500 fell 0.1 per cent, the Nasdaq traded 0.2 per cent higher and the Dow Jones Industrial Average was down 0.3 per cent.
Investors seem to be waiting for the US Federal Reserve's interest rate decision next week.
Three out of 11 sectors were up, with energy (+2.1 per cent) leading the sector movements. Conversely, real estate (-1.7 per cent) and materials (-1.5 per cent) dragged the index lower.
At the time of writing, oil and gas companies Coterra Energy and APA Corporation led the single stock performers, up 6.3 per cent and 5.9 per cent respectively. The rise in share prices follows higher oil prices.
Next in line was Starbucks, up 5.2 per cent after the coffee chain giant hiked long-term financial forecasts.
Chief Executive Officer Howard Schultz said the company is projecting double-digit growth in revenue and earnings per share (EPS) of 15.0 to 20.0 per cent annually over the next three years, as it plans to make a series of changes to its cafes.
On the flip side, Nucor Corporation's share price slumped 10.5 per cent after the steel producer issued guidance for its third quarter.
The company expects earnings to be in the range of US$6.30 to US$6.40 per diluted share for the period, down from the second quarter of 2022, due to a declining metal margin and lower shipping volumes.
Satellite television company DISH Network and computer software firm Centene had both fallen 5.9 per cent at the time of writing.
Rest of the World
Asian markets traded lower at the time of writing. The Shanghai Composite fell 0.8 per cent, the Nikkei dropped 2.8 per cent and the Hang Seng declined 2.5 per cent.
Similarly, European markets were down overnight. The FTSE, the DAX and the CAC decreased 1.5 per cent, 1.2 per cent and 0.4 per cent respectively.
Commodities
WTI Crude Oil was up 2.4 per cent to US$89.38 per barrel.
Gold traded 0.5 per cent lower to US$1,708.6 per ounce.
Cryptocurrency markets were largely in the red, with Bitcoin and Ethereum falling 0.7 per cent and 0.4 per cent respectively.
At the time of writing the US 10-Year Treasury rate had fallen one basis point to 3.418 per cent, whilst the 30-Year rate decreased three basis points to 3.482 per cent.
New Zealand
The NZX 50 continued its downward trend, decreasing almost 1.0 per cent to 11,658.0 points. The market reacted to the higher than expected inflation results in the United States, in line with global markets.
Retail company The Warehouse Group was the top performer of the index yesterday, improving 3.4 per cent. This movement does not appear to relate to any news. The company will release their 2022 full year results on 28 September.
Electricity generation company Meridian Energy also performed well, lifting 1.5 per cent, now up 3.8 per cent year to date.
The company announced the price at which shares will be issued for the 2022 final ordinary dividend under the company's Dividend Reinvestment Plan (DRP) which is $4.98 per share.
Rounding out the top movers was manufacturer Skellerup, rising 1.4 per cent.
Electricity company Mercury NZ was the biggest underperformer of the index yesterday, reducing 3.3 per cent, now 2.1 per cent lower year to date. The company announced its commitment to build a new $115 million wind farm near Gore on Tuesday.
Film technology company Vista Group declined 3.1 per cent yesterday, now 33.9 per cent lower year to date.
Closing out the bottom movers was Westpac Banking Corporation, dropping 2.4 per cent.
Australia
The ASX 200 fell 2.6 per cent to 6,828.6 points yesterday. The movement mirrored those seen in worldwide stock exchanges following US inflation news, removing an estimated A$60 billion from the value of Australian shares.
Sector performance was in the red across the board. Seeing the largest decreases were real estate investment trusts (-4.2 per cent), information technology (-3.2 per cent), and consumer discretionary (-3.1 per cent).
The largest positive movement in a share price belonged to stock transfer company Computershare, up 1.2 per cent.
Coal mining company Coronado Global Resources increased 0.9 per cent while medical equipment firm ResMed gained 0.3 per cent, following no news.
These companies were joined by only a few other firms in experiencing gains yesterday.
On the other side of the market, lithium extraction company Lakehouse Resources fell 16.5 per cent. The business announced a disagreement around target deadlines had arisen with Lilac Solutions.
It is reported that Lakehouse Resources believed Lilac had until 30 September to fulfil its milestones while the U.S partner considered it had until 30 November.
On the line for Lilac Solutions is a 25 per cent stake in the Argentinian Kachi lithium project.
Cloud services provider Megaport dropped 10.0 per cent. Investors may be following the mass sell-off in US technology stocks seen yesterday.
According to some global analysts, Megaport shares are still trading at approximately 70x estimated 2025 earnings.
Lastly, capital markets firm Pinnacle Investment decreased 7.5 per cent.
• For more information on the latest market moves, get in touch with Jarden.
All market pricing and announcements are sourced from Refinitiv, NZX and ASX.
The Jarden Brief is provided for general information purposes only. It reflects views and research available at the time of publication, using external sources, systems and other data and information we believe to be accurate, complete and reliable at the time of preparation. We make no representation or warranty as to the accuracy, correctness and completeness of that information, and will not be liable or responsible for any error or omission. The Jarden Brief is not to be relied upon as a basis for making any investment decision. Please seek specific investment advice before making any investment decision. Jarden Securities Limited is an NZX Firm. A financial advice disclosure statement is available free of charge at https://www.jarden.co.nz/our-services/wealth-management/financial-advice-provider-disclosure-statement/.
Full disclaimer available at: https://www.jarden.co.nz/wealth-sales-and-research-disclaimer
