Pessimistic mood enables market slide

Published: October 01 2022, 10:00 GMT+0

Pessimistic mood enables market slide

  • Nike suffered relatively more than others yesterday after 12.81% dip Bright Health had a negative day yesterday (down 6.25%).
  • CAC moves up by 1.51%, reaching 5,762.34.

Yesterday's market activity meant 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 currently closed but will resume Monday in around 2 days time. European markets closed higher yesterday whilst CAC moves up to 5,762.34 (up 1.51%). Asia-Pacific markets were down yesterday as Nikkei is currently down 1.83% and trading around 25,937.

Markets are trading lower today despite some positive data published earlier as highly important Initial Jobless Claims data from United States beat analyst expectations of 215,000 with a reading of 193,000. New GDP data from United States matched market expectations with a reading of -0.6 — a positive step in contrast to previous data of -1.6 from last month.

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

Furthermore, United States ISM Manufacturing PMI (Sep) scheduled to come out Monday.

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

Yesterday's bearishness meant that Nike lost 12.81% yesterday before closing at $83.12. Bright Health had a negative day yesterday (down 6.25%).

Bright Health depreciates 6.25% with $1.05 as the low of the day

Yesterday's session continued down the same path: pronounced bearish market sentiment ensured that Bright Health made a notable 6.25% loss yesterday, declining 7 cents and ultimately closing at $1.05. Bright Health's market cap is currently $661.18 million with an average daily volume of 2 million shares. So far in 2022, it has been under-performing the Nasdaq by 21.49%.

Bullish sentiment helps propel GBP/NZD to 2.58% gain

It was more of the same for GBP/NZD yesterday — GBP/NZD went up to 1.9951 yesterday, gaining 2.58%.