US markets finished broadly higher on Friday, with the Nasdaq leading the way to jump 1.5% whilst the S&P 500 and Dow Jones added 0.9% and 0.5%, respectively.
The biggest driver on Friday and across the week was the performance of ‘big tech’ as the likes of Amazon (NASDAQ: AMZN), Alphabet (NASDAQ: GOOGL) and Facebook (NASDAQ: FB) benefitted from another fall in the US bond rate.
This came despite a fall in US unemployment to 5.8%. That said, only 559,000 jobs were gained in May, below the 650,000 expected, with many analysts suggesting this may be the ‘goldilocks’ scenario where the economy isn’t strong enough to boost inflation but is just weak enough to ensure support is maintained.
Alphabet overtook Amazon in the size race during the week, moving beyond US$1.6 trillion in market cap. Nonetheless, it remains well behind Apple (NASDAQ: AAPL) at over US$2 trillion.
Across the week it was the value-focused Dow Jones leading, up 0.7%, with the S&P 500 and Nasdaq trailing at gains of 0.6% and 0.5%, respectively.
US stock market movers
Here’s how popular US stocks closed out the week on Friday.
- DocuSign (NASDAQ: DOCU) up 19.8%
- MongoDB (NASDAQ: MDB) up 16.3%
- Zoom (NASDAQ: ZM) up 5.3%
- Tesla (NASDAQ: TSLA) up 4.6%
- Coinbase (NASDAQ: COIN) down 2.1%
- Crowdstrike (NASDAQ: CRWD) down 4.2%
- AMC Entertainment (NYSE: AMC) down 6.7%
Back home on the ASX, the S&P/ASX 200 (ASX: XJO) is set to open slightly higher on Monday. For all the latest, check out Rask Media’s ASX 200 morning report.
