Risk-off mood drags Gap 1.65% lower

Published: January 26 2023, 06:41 GMT+0

Risk-off mood drags Gap 1.65% lower

A quick look at yesterday: after closing the previous trading day at $13.32 and dropping to $12.89, the clothing and accessories retailer closed yesterday at $13.1. By the end of the session, Gap Inc gave up a total of 1.65%.

United States Crude Oil Inventories published yesterday at 15:30 UTC came out at 533,000, falling short of the 971,000 projections and continuing its decline from the previous 8.41 million figure.

Amid the market gloom, United States 5-Year Note Auction released yesterday at 18:00 UTC with a figure of 3.53, while the previous figure was 3.973. United States Cushing Crude Oil Inventories released yesterday at 15:30 UTC with a figure of 4.27 million, while the previous figure was 3.65 million.

On the other hand, positive performances could be seen by looking at other consumer discretionary stocks as Walt Disney gained 2%, as it traded at $108.12. McDonald's traded at $273 after closing yesterday's trading day at $269.56 (up 1.28%). Amazon added 0.89% to its value, and traded at $97.18.

With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as as things stand, upcoming United States Core Durable Goods Orders data is projected to fall short of market expectations with newly published data of -0.2%, following on from the preceding figure of 0.1%. New data is set to be published today at 13:30 UTC.

Some optimism can drawn from the fact that United States Pending Home Sales is projected to outperform its last figure with -0.9%. It previously stood at -4%; data will be released tomorrow at 15:00 UTC.

Furthermore, United States Core PCE Price Index (MoM) (Dec) scheduled to come out tomorrow at 13:30 UTC.

The clothing and accessories retailer has managed to gain 17.56% so far this year despite trading at lows around $8.21 previously.