Pessimistic mood enables market slide

Published: September 17 2022, 03:00 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%, drops to 12,741

Yesterday's market activity meant that leading equity indices in the US declined as S&P 500 was down 0.72% before closing the session at 3,873.33. Nasdaq shed 0.9% and closed at 11,448. Dow Jones closed at 30,822, a 0.45% change.

US markets are now currently closed and set to reopen Monday; meanwhile, European markets closed lower yesterday. Asia-Pacific markets closed lower yesterday.

The earnings season is coming to an end and Oracle and 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 improved upon its previous reading of -0.4% with a new data release of 0.3%.

While price action maintains a negative bias, 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. As things stand, Bright Health (down 9.21%), Outbrain (down 7.44%) are also underperforming today.

Outbrain sheds 7.44% within $3.52 to $3.85 daily range

Yesterday's session suggests a further slow down: early in yesterday's session, Outbrain Inc. Common Stock dropped to $3.52 from $3.9 at the end of Thursday, before closing at $3.61. During the session, it lost 7.44%.
Outbrain has a market cap of $201.22 million with an average daily trading volume of 453,991 shares.

Bright Health sheds 9.21% within $1.38 to $1.5 daily range

Yesterday's session continued the recent downtrend: after ending Thursday at $1.52, Bright Health fell down to $1.38 yesterday and closed at $1.38 — losing 9.21% of its value. The company's market cap is $868.98 million with an average daily volume of 1.83 million shares. So far in 2022, it has been under-performing the Nasdaq by 22.67%.