Pessimistic mood enables market slide

Published: September 17 2022, 14:00 GMT+0

Pessimistic mood enables market slide

  • FedEx suffered relatively more than others yesterday after 21.4% dip As things stand, Bright Health (down 9.21%) and Outbrain (down 7.44%) are underperforming today
  • European markets were down yesterday as DAX falls to 12,741 (down 1.66%).

Ahead of Monday's session: leading equity indices in the US declined as S&P 500 closed at 3,873.33, a 0.72% change. Nasdaq slipped 0.9% and closed at 11,448. Dow Jones shed 0.45% and closed at 30,822.

US markets are now currently closed and set to reopen Monday; meanwhile, European markets closed lower yesterday. Asia-Pacific markets were down yesterday as ASX 200 is down by 1.52%, dips to 6,739

The earnings season is coming to an end and Oracle and Adobe have release their reports.

Market's down-tick coincides with some negative macro data published earlier as data from United States concerning Core Retail Sales was released Thursday. Newly published figures emphasized continued decline from last month's figure of 0.4% to -0.3% this month.

Markets are trading lower today despite some positive data published earlier as United States Retail Sales beat the 0.2% projections, with 0.3%.

Amid the market gloom, United States Philadelphia Fed Manufacturing Index (Sep) came out at -9.9, while a consensus of analysts was expecting 2.8.

Yesterday's bearishness affected individual stocks as FedEx lost 21.4% yesterday before closing at $161.02. As things stand, Bright Health (down 9.21%), Outbrain (down 7.44%) are also underperforming today.

Yesterday's down move comes on back of 16 days of trading sideways. Daily trading volume (1.99 million shares) increased, making up 439% of the 21-day average (453,991).

Yesterday's 9.21% loss extends a 5 day bearish run in which Bright Health had already lost 16 cents from its share value. Daily trading volume (11 million shares) was above the current multiday average of 1.83 million.

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