Pessimistic mood enables market slide

Published: June 05 2023, 21:00 GMT+0

Pessimistic mood enables market slide

  • Midway through earnings season, Oracle & HEXO Corp. are in line to report next
  • EPAM Systems suffered relatively more than others today after 21.72% dip
  • European markets were down today as CAC is currently down 0.96% and trading around 7,201.

Before tomorrow's session: leading equity indices in the US declined as Dow Jones shed 0.59% and closed at 33,563. S&P 500 slipped 0.2% and closed at 4,273.79.

US markets are currently closed but will resume tomorrow in around 16 hours time. European markets were down today as CAC is down by 0.96%, reaching 7,201 Asia-Pacific markets closed higher today whilst Nikkei added 2.2% to trade at 32,217.

3Rd quarter earnings season is mostly over, with Aurora Cannabis Inc. and Science Applications International Corporation releasing their earnings reports just this week.

Meanwhile, United States ISM Non-Manufacturing PMI (May) came out at 50.3, while a consensus of analysts was expecting 51.8. United States Services PMI released today at 13:45 UTC with a figure of 54.9, while the previous figure was 53.6. United States Factory Orders fell short of the 1.1% projections, with new data of 0.4%.

With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as as things stand, upcoming United States Crude Oil Inventories data is projected to fall short of market expectations with newly published data of 1.15 million, following on from the preceding figure of 4.49 million. New data is set to be published Wednesday.

Furthermore, United States EIA Short-Term Energy Outlook will be released tomorrow at 16:00 UTC.

While markets are generally down so far today, some assets outperformed such as Unity Software gained 17.16% to reach $36.32.

Today's bearishness meant that EPAM Systems lost 21.72% today before closing at $203.25.

First Republic Bank | -43.3% today including 45.91% drop in aftermarket trade

During today's session, First Republic Bank toiled and struggled for upward momentum before closing at $3.51. By the close, the the wealth management company suffered a $2.68 or 43.3% loss.

At $202.76, EPAM Systems is down to its lowest value in 1 year

After ending today at $203.25, the digital platform engineer dropped $56.4 to $202.76, reaching its lowest point in 1 year. Daily trading volume (2.67 million shares) was higher than the current multiday average of 733,486.

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