DocuSign, Cloudera Soar as Hope for Government Spending Lifts the Dow

Stocks are rising as investors cheered the increasingly likely prospect of more fiscal stimulus. The latest news about employment—that fewer people than expected were hired in November—didn’t immediately move the market.

Futures on the Dow Jones Industrial Average rose 122 points, or 0.4%. S&P 500 futures gained 0.3%, and futures on the Nasdaq Composite were 0.25% higher. Government figures showed 245,000 jobs were added, while economists had expected 440,000.

The chances that a fiscal stimulus bill will be passed during the lame duck session have increased. The most recent developments: President Donald Trump says a bill is very likely and President-elect Joe Biden says that more stimulus could follow this round of aid.

States have recently reinstated lockdown measures as Covid-19 cases have surged of late. The market has looked past that grim news given that vaccines are closer to being ready for distribution, and because fiscal stimulus would support small businesses and households until that happens. A bipartisan, $908 billion bill is in the works.

Here were some notable stock movers Friday:

DocuSign (DOCU) shares rose 5.6% after the company beat estimates on both top and bottom lines. Revenue was $382 million, beating estimates of $361 million. Earnings per share were 22 cents, ahead of expectations of 13 cents. The company also lifted its guidance for the full year, saying it now expects revenue of about $1.43 billion, up from a prior forecast of about $1.38 billion.

Ulta Beauty (ULTA) shares fell 3.6% after the company beat earnings estimates, posting EPS of $1.64, ahead of estimates of $1.51. Net sales were $1.55 billion, missing estimates of $1.56 billion.

Cloudera (CLDR) shares rose 12% after the company beat revenue and earnings estimates. Revenue was $217 million, against estimates of $209 million. EPS were 15 cents, against estimates of 9 cents.

Marvell Technology (MRVL) fell 4% after Summit Insights downgraded the stock to Hold from Buy.

Stitch Fix (SFIX) shares fell 2% after MKM Partners downgraded the stock to Sell from Neutral.

Write to Jacob Sonenshine at