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Changes are happening - please bear with us while we update our site.

US stock market report – Alphabet overtakes Amazon in the size race

US markets finished broadly higher on Friday, with the Nasdaq leading the way to jump 1.5% whilst the S&P 500 and Dow Jones added 0.9% and 0.5%, respectively.

The biggest driver on Friday and across the week was the performance of ‘big tech’ as the likes of Amazon (NASDAQ: AMZN), Alphabet (NASDAQ: GOOGL) and Facebook (NASDAQ: FB) benefitted from another fall in the US bond rate.

This came despite a fall in US unemployment to 5.8%. That said, only 559,000 jobs were gained in May, below the 650,000 expected, with many analysts suggesting this may be the ‘goldilocks’ scenario where the economy isn’t strong enough to boost inflation but is just weak enough to ensure support is maintained.

Alphabet overtook Amazon in the size race during the week, moving beyond US$1.6 trillion in market cap. Nonetheless, it remains well behind Apple (NASDAQ: AAPL) at over US$2 trillion.

Across the week it was the value-focused Dow Jones leading, up 0.7%, with the S&P 500 and Nasdaq trailing at gains of 0.6% and 0.5%, respectively.

US stock market movers

Here’s how popular US stocks closed out the week on Friday.

  • DocuSign (NASDAQ: DOCU) up 19.8%
  • MongoDB (NASDAQ: MDB) up 16.3%
  • Zoom (NASDAQ: ZM) up 5.3%
  • Tesla (NASDAQ: TSLA) up 4.6%
  • Coinbase (NASDAQ: COIN) down 2.1%
  • Crowdstrike (NASDAQ: CRWD) down 4.2%
  • AMC Entertainment (NYSE: AMC) down 6.7%

Back home on the ASX, the S&P/ASX 200 (ASX: XJO) is set to open slightly higher on Monday. For all the latest, check out Rask Media’s ASX 200 morning report.

The Golden Rules of Investing

We might be experts in retirement, but with combined financial advice experience of 35+ years, we’ve nearly seen it all. 

In mid-2023, our senior team at Wattle Partners Financial Planning put the finishing touches on a brand-new report “The Golden Rules of Investing“.

In this free report, we outline the key principles that determine all of the portfolio construction and investment decisions of Wattle Partners. Collated over decades, this paper should be seen as a work-in-progress, constantly under review in light of the ever-evolving nature of markets. 

You’ll find the free report on my Author page. Simply click the button below to view the Golden Rules.

Information warning: The information on this website is published by The Rask Group Pty Ltd (ABN: 36 622 810 995) is limited to factual information or (at most) general financial advice only. That means, the information and advice does not take into account your objectives, financial situation or needs. It is not specific to you, your needs, goals or objectives. Because of that, you should consider if the advice is appropriate to you and your needs, before acting on the information. If you don’t know what your needs are, you should consult a trusted and licensed financial adviser who can provide you with personal financial product advice. In addition, you should obtain and read the product disclosure statement (PDS) before making a decision to acquire a financial product. Please read our Terms and Conditions and Financial Services Guide before using this website. The Rask Group Pty Ltd is a Corporate Authorised Representative (#1280930) of AFSL #383169.


At the time of publishing, the author of this article does not have a financial or commercial interest in any of the companies mentioned.

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Wattle Partners is a financial advice firm, servicing clients around Australia, specialising in retirement planning (pre and post retirement). 

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