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US stock market sell-off spreads despite strong employment data

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.

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.

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Disclosure: At the time of publishing, Drew owns shares in Trade Desk.

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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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