Pessimistic mood enables market slide

Published: September 21 2022, 21:00 GMT+0

Pessimistic mood enables market slide

  • Zai Lab suffered relatively more than others today after 12.68% dip As things stand, Sotera Health (down 10.73%) and iShares Trust – iShares iBonds Dec 2021 Term Treasury ETF (down 0.039%) are underperforming today
  • FTSE moves up to 7,237.64 (up 0.63%).

Today's trading session saw to it that leading equity indices in the US declined as after dropping 1.7%, Dow Jones closed at 30,184. S&P 500 slipped 1.71% and closed at 3,790. Nasdaq closed at 11,220, a 1.79% change.

US markets are now currently closed and set to reopen tomorrow; meanwhile, European markets closed higher today whilst FTSE added 0.63% to trade at 7,237.64. Asia-Pacific markets were down today as ASX 200 is down by 1.56%, dips to 6,700.2

The earnings season is coming to an end and Adobe and General Mills Inc have release their reports.

Market's down-tick coincides with some negative macro data published earlier as data from United States concerning Crude Oil Inventories was released today at 14:30 UTC. Newly published figures emphasized continued decline from last month's figure of 2.44 million to 1.14 million this month.

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. United States Existing Home Sales (Aug) released today at 14:00 UTC with a figure of 4.8 million, while the previous figure was 4.82 million.

Looking ahead, ongoing depreciation may be prolonged as tomorrow at 12:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 218,000 from the preceding figure of 213,000.

Furthermore, United States Fed Chair Powell speech will be released Friday.

Today's bearishness affected individual stocks as Zai Lab lost 12.68% today before closing at $42.89. As things stand, Sotera Health (down 10.73%), iShares Trust – iShares iBonds Dec 2021 Term Treasury ETF (down 0.039%) are also underperforming today.

Today's 10.73% loss extends a 7 day bearish run in which Sotera Health Company had already lost $8.23 from its share value. Daily trading volume (7.42 million shares) was above the current multiday average of 2.79 million.

Continuing its recent sideways trend, iShares Trust – iShares iBonds Dec 2021 Term Treasury ETF closed at $25.35 after a flat day today

Pointing in a similar direction, today's session was more of the same — iShares Trust – iShares iBonds Dec 2021 Term Treasury ETF closed a flat day of trading at $25.35 today after ending yesterday at $25.36.

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