The Market Embraced a Moderately Positive Employment Report and Finished the Week in the Green.
The stock market indices finished Friday nicely in the green.
The Nasdaq index was up almost 1.5%. The S&P and the Dow didn't finish too far off either. According to the Bureau of Labor Statistics, "total nonfarm payroll employment rose by 559,000 in May, and the unemployment rate declined by 0.3 percentage point to 5.8 percent."
The number of new jobs added to the economy was lower than expected. However, the overall results were encouraging enough to send the market into the green zone.
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Despite the Reopening, DocuSign Stock Jumped 19%+ After an Impressive Quarterly Earnings Report.
DocuSign (DOCU) was among today's top gainers on the list of winners and losers at Stock Card, up by more than 19.76%.
The company released its latest quarterly earnings reports yesterday. Subscription revenue was up more than 61%, which came as a surprise to investors. Before the earnings, Wall Street worried that the company could not keep up its growth as the economy reopened. But the earnings report managed to calm investors.
Canopy Growth Stock Dropped 4%+ After It Terminated Its Joint Venture with Celebrity Drake.
Today's let's talk about Cannabis stocks. On Stock Card, you can type in cannabis in the search bar and get the list of companies in the cannabis industry. The reason I'm talking about them today is the news that Canopy Growth (CGC) ended its joint venture with Drake and his More Life hemp brand.
Cannabis stocks tend to invest in their brand quite heavily to differentiate themselves from competitions. That is why partnerships with celebrities are a key part of their marketing and growth strategy. It's interesting to see that Canopy Growth terminated the partnership. Investors didn't appreciate it, and the stock was down more than 4% today.
I own CGC in my portfolio, and I tend to hold it since it is still one of the largest and best-funded cannabis companies.
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