The S&P 500 has capped the worst five week run in over a decade after falling another 0.6% on Friday, making it the fifth straight week of losses.
The Dow Jones continues to outperform, falling 0.3% whilst the Nasdaq has borne the brunt of the selling pressure, down 1.4% again.
It seems the smallest piece of news can turn the tide on a daily basis, with comments that a 75 basis point rate hike was unlikely was met with a rally, only to be reversed the following day, once again reiterating the importance of diversification and patience.
Both the Dow Jones and S&P 500 were down just 0.2% for the week in which the US economy gained another 428,000 jobs but unemployment remained stuck at 3.6%.
Zillow slides, Cloudflare tumbles
Shares in real estate platform Zillow (NYSE: Z) fell another 4% after reporting a 400% jump in revenue as the company continues to sell off its on balance sheet property holdings, whilst forecasting a more challenging year ahead.
Popular cyber security firm Cloudflare (NYSE: NET) fell 15% due to weaker than expected free cash flow and earnings numbers in the first quarter.
US stock market movers
Here’s how other popular US stocks fared on Friday.
- ConocoPhillips (NYSE: COP) up 4.7%
- Monster Beverage (NASDAQ: MNST) up 4.4%
- HubSpot (NYSE: HUBS) up 4.5%
- Lululemon (NASDAQ: LULU) down 7.7%
- Shopify (NYSE: SHOP) down 8.6%
- Trade Desk (NASDAQ: TTD) down 11.3%
Back home on the ASX, the S&P/ASX 200 (ASX: XJO) is expected to follow this negative lead from US stock markets lower on Monday. For a round-up of the latest news, check out my ASX 200 morning report.
