European markets under pressure following lower US close yesterday

Published: September 23 2022, 10:00 GMT+0

European markets under pressure following lower US close yesterday

  • Costco & Accenture plc Class A (Ireland) are the latest companies to report Q2 earnings while Nike and Micron Technology next
  • Bright Health suffered relatively more than others yesterday after 4.24% dip
  • European markets have struggled to gain ground and are now trading lower midway through the session.

An update of where yesterday closed ahead of the next session: leading equity indices in the US declined as Nasdaq lost 1.37% and ended the session at 11,067. S&P 500 shed 0.84% and closed at 3,758. Dow Jones was down 0.35% before closing the session at 30,077.

US markets are set to open today in around 3 hours. In the meantime, European markets are dropping as FTSE falls to 7,042.33 (down 1.64%). Asia-Pacific markets were down today as KOSPI Composite Index is down by 1.81%, drops to 2,290

In a tough day for US markets, both stocks and bonds suffered from risk-off sentiment and a higher likelihood of a hawkish Fed at its next FOMC meeting. The iShares U.S. Treasury Bond ETF declined 0.99% to trade at $22.94.

The earnings season is coming to an end and Costco & Accenture plc Class A (Ireland) have release their reports.

Market's down-tick coincides with some negative macro data published earlier as United States Crude Oil Inventories published Wednesday came out at 1.14 million, falling short of the 2.16 million projections and continuing its decline from the previous 2.44 million figure.

Markets are trading lower today despite some positive data published earlier as highly important Initial Jobless Claims data from United States beat analyst expectations of 218,000 with a reading of 213,000.

While price action maintains a negative bias, United States Interest Rate came out at 3.25, while a consensus of analysts was expecting 3.25.

Furthermore, United States Fed Chair Powell speech is scheduled today at 18:00 UTC.

While markets are generally down so far today, some stocks outperformed such as Outbrain gained 6.59% to reach $3.72. Playtika (up 6.03%) is also performing well.

Yesterday's bearishness meant that Bright Health lost 4.24% yesterday before closing at $1.13.

Outbrain Inc. Common Stock has been pretty quiet for the last 20 days, trading mostly flat and moving by only 6.6 cents on average. Daily trading volume (484,735 shares) was slightly greater than the current multiday average of 466,495.

Risk-off mood drags Bright Health 4.24% lower

More of the same from yesterday's session: after ending Wednesday at $1.18, Bright Health fell down to $1.08 yesterday and closed at $1.13 — losing 4.24% of its value. Bright Health is currently trading with a market cap of $711.56 million with an average daily volume of 1.97 million shares. So far in 2022, it has been doing worse than the Nasdaq by 26.22%.

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