Friday saw another negative close for US and global benchmarks led by the tech-heavy Nasdaq, which finished 2.2% lower.
The drivers were more commentary from President Biden about a cancellation of all trade relations with Russia and comments around their intention to avoid WW3.
The Dow Jones naturally outperformed, falling 0.7% and the S&P 500 was down 1.3%, with technology stocks finishing the week lower due to a spiking bond yield after a strong inflation print. Consumer confidence is falling in the face of surging fuel prices and food inflation.
Docu Sign tanks, Rivian falls
DocuSign (NASDAQ: DOCU) shares fell by another 20% during the session despite the company reporting a 45% increase in sales. The company guided to lower than expected sales growth with another COVID-19 winner now down 50 per cent in 2022 thus far.
Shares in electric vehicle maker Rivian (NASDAQ: RIVN) also fell around 7% after the company reported another US$2 billion in quarterly losses.
US stock markets post negative week
Across the week, the Nasdaq underperformed, falling 3.5%, with the S&P 500 and Dow Jones slightly better at 2.9% and 2% losses.
