US stock markets closed out a volatile week on a negative note, with the tech-heavy Nasdaq dragging down the broader market, finishing 1.9% lower on Friday.
The S&P 500 and Dow Jones outperformed once again behind a strong finish by the financials sector, losing 0.8% and 0.2% in comparison.
The US unemployment rate dropped further in November, falling from 4.6% to 4.2% despite another 594,000 joining the labour force in a sign that the worker shortage may be reversing.
DocuSign shares tank
Shares in DocuSign (NASDAQ: DOCU) experienced a stunning fall, tanking by over 42% in a single session after recurring revenue and new contract wins fell well short of expectations.
The company has now essentially given back all the gains since the beginning of the pandemic.
DiDi bows to Chinese pressure
Chinese-listed shares in the US remained under selling pressure with Alibaba (NYSE: BABA) falling another 8% after DiDi Global (NYSE: DIDI) announced it would bow to Chinese Government pressure and delist from the New York Stock Exchange.
US stock markets deliver weekly losses
Across the week it was negative for all three benchmarks, the Dow Jones falling 0.9%, S&P 500 down 1.2% and the Nasdaq down 2.6%.
US stock market movers
Here’s how other popular US stocks performed on Friday to close out the week.
- Marvell Technology (NASDAQ: MRVL) up 17.7%
- Zillow (NASDAQ: Z) up 11.3%
- ViacomCBS (NASDAQ: VIAC) up 5.1%
- Tesla (NASDAQ: TSLA) down 6.4%
- MercadoLibre (NASDAQ: MELI) down 6.8%
- Adobe (NASDAQ: ADBE) down 8.2%
Back home on the ASX, the S&P/ASX 200 (ASX: XJO) is expected to follow US markets lower at the open this morning. For a round-up of the latest news, check out my ASX 200 morning report.
