US equity weakness weighs on European bourses

Published: September 19 2022, 10:00 GMT+0

US equity weakness weighs on European bourses

  • FedEx was the biggest decliner Friday after giving up 21.4% As things stand, Bright Health (down 9.21%) and Outbrain (down 7.44%) are underperforming today
  • European markets have struggled to gain ground and are now trading lower midway through the session.

A reminder of where Friday ended before the next session begins: leading equity indices in the US declined as after dropping 0.72%, S&P 500 closed at 3,873.33. Nasdaq closed at 11,448, a 0.9% change. Dow Jones slipped 0.45% and closed at 30,822.

US markets are now currently closed and set to reopen today; meanwhile, European markets are down as CAC is down by 1.62%, reaching 5,979 Asia-Pacific markets were down today as KOSPI Composite Index is down by 1.14%, reaching 2,355.66

The earnings season is coming to an end and Adobe & FedEx Corp have release their reports.

Looking ahead, ongoing depreciation may be prolonged as projections for United States Crude Oil Inventories are set for a continuation of decline with 833,000 while previous data was 2.44 million; data will be released Wednesday.

Furthermore, United States Interest Rate is expected Wednesday. United States Building Permits (Aug) will be released tomorrow at 12:30 UTC.

Friday's bearishness meant that FedEx lost 21.4% Friday before closing at $161.02. As things stand, Bright Health (down 9.21%), Outbrain (down 7.44%) are also underperforming today.

Bright Health closed at $1.38 after losing 9.21% Friday

Friday's session continued the recent downtrend: early in Friday's session, Bright Health Group Inc. dropped to $1.38 from $1.52 at the end of Thursday, before closing at $1.38. During the session, it lost 9.21%.
Bright Health's market cap is currently $868.98 million with an average daily trading volume of 1.83 million shares. So far in 2022, it has been doing worse than the Nasdaq by 22.67%.

Outbrain depreciates 7.44% with $3.52 as the low of the day

Friday's session suggests a further slow down: after ending Thursday at $3.9, Outbrain dropped to $3.52 early in Friday's session and closed at $3.61. Overall, it lost 7.44% of its value. Outbrain is currently trading with a market cap of $201.22 million with an average daily volume of 453,991 shares.