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US markets fell; DoorDash surged 11.6% on Wolt acquisition; Rivian soared 53% on Wall St debut.

  • The Nasdaq fell 1.66% on Wednesday to close the session at 15,623.
  • DoorDash soared 11.6% on Wolt acquisition & record Q3 results.
  • Rivian soared 53% on Nasdaq debut in largest IPO of 2021, raising US$12bn.

The US markets fell again on Wednesday after US inflation data hit a 3-decade high in October with consumer prices jumping 6.2% from a year ago, increasing investor concerns that the Federal Reserve will need to increase its efforts to slow inflation.

The Dow Jones fell 0.66% to finish the trading day down 240 points to close at 36,080 points .

The tech heavy NASDAQ fell 1.66% to finish the trading day down 264 points to close at 15,623 points

One bitcoin is worth US$64,663 going into the Asian trading day.

The Australian dollar is firm against the major currencies and is buying 73.3 US cents.

US-food delivery giant DoorDash soared 11.58% yesterday after announcing its intent to buy Finland-based company Wolt for US$8bn in an all-stock deal. DoorDash shares were also boosted by the company’s Q3 results out this week showing record revenue of US$1.3bn, up from US$879m for the same period a year earlier, and gross order volume rose to US$10.4bn.

The world’s biggest IPO of 2021 hit the Nasdaq yesterday through electric vehicle maker Rivian Automotive. The Amazon-backed company soared as much as 53% during its debut session following an IPO at US$78/share raising around US$12bn which Rivian says will be used to fund growth through new segments, promising products and volume.

And Instagram is testing a ‘Take a Break’ feature to give users a reminder when they’ve spent too long on the app in a bid to address growing mental health concerns related with such social media apps.

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