Pessimistic mood enables market slide

Published: September 17 2022, 15:00 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 is down by 1.66%, falls to 12,741

Before Monday's session: leading equity indices in the US declined as S&P 500 was down 0.72% before closing the session at 3,873.33. Nasdaq lost 0.9% and ended the session at 11,448. After dropping 0.45%, Dow Jones closed at 30,822.

US markets are now currently closed and set to reopen Monday; meanwhile, European markets were down yesterday as DAX falls to 12,741 (down 1.66%). Asia-Pacific markets were down yesterday as ASX 200 is currently down 1.52% and trading around 6,739.

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

Market's down-tick coincides with some negative macro data published earlier as Core Retail Sales in United States fell short of market expectations (0.1%) with a reading of -0.3%, continuing the decline from the previous figure of 0.4%.

Markets are trading lower today despite some positive data published earlier as United States Retail Sales came out at 0.3%, better than analyst estimates of 0.2% and improving upon the previous reading of -0.4%.

Amid the market gloom, United States Philadelphia Fed Manufacturing Index (Sep) released Thursday with a figure of -9.9, while the previous figure was 6.2.

Yesterday's bearishness meant that FedEx lost 21.4% yesterday before closing at $161.02. Bright Health (down 9.21%), Outbrain (down 7.44%) also underperformed yesterday.

Bright Health depreciates 9.21% with $1.38 as the low of the day

Yesterday's session continued down the same path: early in yesterday's session, Bright Health Group Inc. dropped to $1.38 from $1.52 at the end of Thursday, before closing at $1.38. During the session, it lost 9.21%.
Bright Health's market cap is currently $868.98 million with an average daily trading volume of 1.83 million shares. So far in 2022, it has been under-performing the Nasdaq by 22.67%.

Bearish Outbrain declines 29 cents (7.44%)

Yesterday's session suggests a further slow down: after ending Thursday at $3.9, Outbrain dropped to $3.52 early in yesterday's session and closed at $3.61. Overall, it lost 7.44% of its value. The company's market cap is $201.22 million with an average daily volume of 453,991 shares.