Pessimistic mood enables market slide

Published: September 30 2022, 21:00 GMT+0

Pessimistic mood enables market slide

  • Nike was the biggest decliner after giving up 12.81% today Bright Health had a negative day today (down 6.25%).
  • CAC is up by 1.51%, hitting 5,762.34.

Today's trading session saw to it that leading equity indices in the US declined as Dow Jones was down 1.71% before closing the session at 28,726. S&P 500 lost 1.51% and ended the session at 3,585.62.

US markets are now currently closed and set to reopen Monday; meanwhile, European markets closed higher today whilst CAC added 1.51% to trade at 5,762.34. Asia-Pacific markets were down today as Nikkei is down by 1.83%, drops to 25,937

The earnings season is coming to an end and Nike and Micron Technology have release their reports.

Markets are trading lower today despite some positive data published earlier as United States Initial Jobless Claims came out at 193,000, better than analyst estimates of 215,000 and improving upon the previous reading of 209,000. United States GDP matched projections, with new data release of -0.6.

Meanwhile, United States Core PCE Price Index (MoM) (Aug) released today at 12:30 UTC with a figure of 0.6, while the previous figure was 0.1.

While markets are generally down so far today, some stocks outperformed such as GBP/NZD gained 2.58% to reach 1.9951.

Today's bearishness affected individual stocks as Nike lost 12.81% today before closing at $83.12. Bright Health had a negative day today (down 6.25%).

Bright Health ended the session at $1.05 (-6.25%)

Pronounced bearish sentiment in the market pushed Bright Health into a notable 6.25% slide today, falling 7 cents and ultimately closing at $1.05. Bright Health is currently trading with a market cap of $661.18 million with an average daily volume of 2 million shares. So far in 2022, it has been under-performing the Nasdaq by 22.44%.

GBP/NZD retreats 27 pips from 7 months high

GBP/NZD reached 1.9978, breaking a 7 months record. Later, it lost 27 pips and is now trading at 1.9951. Today's gains are adding to GBP/NZD's a 5 day bullish trend, during which it gained a total of 649 pips.