Market check: Stocks fall as traders digest jobs report

Yahoo Finance's Ines Ferre gives an overview of the market as the November jobs report and the Omicron variant weigh on stocks.

Video Transcript

KARINA MITCHELL: So lots going on in the markets and tracking it all for us is Yahoo Finance's Ines Ferre. What are you watching?

INES FERRE: Well, Karina, it's important to point out that we had started with the markets in green territory but then flipped into the red after that headline came out from the World Health Organization basically saying that the variant has been detected in 38 countries. Taking a look at the sector action on our Y-Fi interactive board, we're seeing that technology and consumer discretionary are under pressure. Despite that mixed jobs report, traders are seeing that the Fed is on track to perhaps taper faster than expected. Much will be decided, of course, in the FOMC meeting in mid-December. But nevertheless, that is having an impact on growth stocks. So we've got two things going on, the Fed possibly tapering faster than expected and also the Omicron variant.

Taking a look at the travel stocks, those are under pressure. We're seeing Carnival, that's down. Norwegian Cruise Line, that's down. And if we just take a look at a two-day chart, we saw that yesterday, they had rebounded, so over the last two days, still in green territory. But over the last five days, in our five-day chart, you can see that many of these are underwater. Last Friday is when we first heard of that variant.

I also want to point out some of the Chinese companies because those are under pressure. This is after DiDi announced that it has plans to delist off the US Stock Exchange and list in Hong Kong. And also the other-- Alibaba, some of these other Chinese names, those are under pressure because the big concern is that other Chinese companies will follow in DiDi's steps. In fact, $1.5 trillion have been wiped off of China tech stocks since their peak in February. And if we just take a look at a six-month chart, you can see kind of the bloodbath that you see with some of these names there.

And finally, I want to point out what's happening with DocuSign because that stock is under pressure. It's having its worst day ever, down 41% over concerns of a slowdown in demand for e-signatures. The company missing on billings and revenue forecasts, but they did beat on the top and the bottom line for their latest quarter. But certainly, Wall Street really punishing this stock-- you've got analysts that have been downgrading the stock, including Dan Ives at Wedbush and also some other analysts from other firms, JP Morgan and Needham, also downgrading this stock.

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