Pessimistic mood enables market slide

Published: September 29 2022, 21:00 GMT+0

Pessimistic mood enables market slide

  • Carmax was the biggest decliner today after giving up 24.6% As things stand, Oatly (down 8.24%) and Bright Health (down 5.08%) are underperforming today
  • European markets were down today as FTSE is down by 1.77%, falls to 6,881.59

Before tomorrow's session: leading equity indices in the US declined as S&P 500 closed at 3,640.47, a 2.11% change. Nasdaq slipped 2.84% and closed at 10,738.

US markets are now currently closed and set to reopen tomorrow; meanwhile, European markets were down today as FTSE falls to 6,881.59 (down 1.77%). Upbeat Asia-Pacific markets ended today higher as ASX 200 added 1.44% to trade at 6,555.

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

Market's down-tick coincides with some negative macro data published earlier as following a previous reading of 1.14 million, Crude Oil Inventories in United States released yesterday at 14:30 UTC fell short of the 443,000 figure expected by analysts with an actual reading of -215,000.

Markets are trading lower today despite some positive data published earlier as United States Initial Jobless Claims improved upon its previous reading of 209,000 with a new data release of 193,000. United States GDP improved upon its previous reading of -1.6 with a new data release of -0.6.

Furthermore, United States Core PCE Price Index (MoM) (Aug) will be released tomorrow at 12:30 UTC.

Today's bearishness meant that Carmax lost 24.6% today before closing at $65.16. As things stand, Oatly (down 8.24%), Bright Health (down 5.08%) are also underperforming today.

Oatly sheds 8.24% within $2.48 to $2.72 daily range

After ending yesterday at $2.79, Oatly Group AB fell down to $2.48 today and closed at $2.56 — losing 8.24% of its value. The company's market cap is $1.52 billion with an average daily volume of 2.94 million shares. So far in 2022, it has been under-performing the Nasdaq by 23.41%.

Carmax closes at $65.16 after disappointing performance report published

Early in today's session, Carmax dropped to $64.44 from $86.42 at the end of yesterday, before closing at $65.16. During the session, it lost 24.6%.
With an average daily trading volume of 1.49 million shares. So far in 2022, it has been doing worse than the S&P by 3%.

The company reported earnings of 0.79 per share today, falling short of expectations of 1.43. Revenue was also lower than expected at $8.14 billion versus $8.61 billion.

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