NEW YORK, United States — The Nasdaq led Wall
Street lower Friday as stocks concluded a losing week on a downcast note
following disappointing results from tech highflyer
DocuSign and lackluster US
jobs growth.
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Investors shunned highly valued tech shares after
DocuSign offered a disappointing outlook and signaled that demand for its
e-signature business was ebbing after a strong run during the worst of the
COVID-19 pandemic.
Shares of the company plunged more than 40 percent,
while other tech names like Adobe and several chipmakers were also hammered.
"The growth stocks are driving the
declines," said Briefing.com analyst Patrick O'Hare, who also cited
lingering unease over the Omicron variant of COVID-19 and disappointment that
Thursday's rally in equities was not extended.
The Nasdaq ended the day down 1.9 percent at
15,085.47.
The Dow Jones Industrial Average slipped 0.2 percent
to 34,580.08, while the broad-based S&P 500 shed 0.8 percent to close the
week 1.2 percent lower.
Friday's much-anticipated jobs report showed the US economy
added just 210,000 jobs, less than half the increase forecasters expected.
But analysts characterized the report as better than
the headline figure, noting the unemployment rate dropped to 4.2 percent, a
decline of four-tenths of a point from the prior month. The labor force
participation rate also rose to its highest level since the pandemic.
"Looking past the disappointing headline print,
the details of the November jobs report painted a more optimistic jobs
picture," Oxford Economics said in a note.
US-traded Chinese stocks fell sharply after American
regulators adopted a rule allowing them to delist foreign companies from Wall
Street exchanges if they fail to provide information to regulators.
Shares of
Alibaba plunged 8.3 percent, while Baidu
lost 7.8 percent. Didi Global, which announced plans to delist its New York
shares, dove 22.2 percent.
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