S&P 500 drops as Non-farm payrolls miss expectations [Video]

Eliman Dambell Sayvio AI

The S&P 500, Dow Jones and NASDAQ were all trading lower on Friday, as November’s Non-farm payrolls severely missed expectations.

Markets had anticipated that 550,000 jobs were added to the U.S. economy last month, however the actual figure was less than half of this.

November’s payrolls came in at 210,000, with the national unemployment rate falling to a 21-month low of 4.2%.

This came as October’s payrolls number was revised up to 546,000, after being initially reported at 531,000.

Gold rallied by as much as $17 on the news, hitting an intraday high of $1,782 in the process.

As of writing, the S&P 500 was down 1.06%.

DocuSign shares down 40% on disappointing Q4 forecasts

Shares in digital signature company DocuSign were down by close to 40% on Friday, as the firm's Q4 revenue forecasts were lower than analysts estimates.

The selloff began shortly after the company reported that it expected revenue of between $557 million and $563 million in Q4.

This was a surprise to markets which had anticipated revenue for the quarter to come in closer to $573.8 million.

Friday’s drop, saw the company’s share price hit an intraday low of $136 per share, after previously hitting a high of $155 shortly after the open.

News of this came as the company also posted better than expected Q3 earnings, with EPS coming in at 58 cents, versus forecasts of 46 cents.

Q3 revenue also beat estimates, coming in at $545.5 million versus $531 million expected.

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Author

Eliman Dambell

Sayvio AI

With over a decade in financial markets, Eliman brings an experienced and diversified point of view to market analysis. He covers current and historical macro trends to give insights on Metals, FX, Stocks, and Crypto.

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