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Pig-Market Down

US markets red; Visa tumbled on Amazon news; Target fell 4.7% on Q3 update.

  • The Nasdaq fell 0.33% to close the midweek session at 15,922 points.
  • Visa fell 4.7% on reports that Amazon will stop accepting Visa-made cards.
  • Target also fell 4.7% after releasing Q3 results & update on cost absorption.

The US markets continue to see-saw this week, closing lower on Wednesday as investors weigh up inflation growth following a number of retailers reporting strong quarterly earnings results including Target and Lowe’s.

The Dow Jones fell 0.58% to finish the trading day down 211 points to close at 35,931 points.

The tech heavy NASDAQ fell 0.33% to finish the trading day down 52 points to close at 15,922 points.

One bitcoin is worth US$59,946 going into the Asian trading day.

The Australian dollar is stronger against the major currencies and is buying 72.66 US cents.

Shares of card giant Visa tumbled 4.7% on Wednesday following reports that Amazon will stop accepting Visa-made cards issued in the UK as payment from next year. The news came on the back of Visa increasing its interchange fees for transactions in the UK and European Union.

Discount retail leader Target also fell 4.7% yesterday after reporting third-quarter earnings results. Despite beating earnings expectations at US$3.03/share on revenue of US$25.65bn, investors sold out of Target shares as CEO Brian Cornell warned that the company is ‘absorbing some of the higher costs it’s seeing, rather than passing them onto customers’.

And Hyundai is joining the luxury self-driving market as the auto-maker revealed concepts of its ‘Seven’ EV which has been compared to a lounge room on wheels including swivelling chairs, a mini-fridge and a panoramic screen.

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