Yields rise as risk-off sentiment dominates market mood

Published: September 22 2022, 19:00 GMT+0

Yields rise as risk-off sentiment dominates market mood

  • Bright Health moves 5.51% as session draws to a close Vanguard Mortgage-Backed Securities ETF (down 1.27%) has also underperformed today.
  • European markets are dropping as CAC drops to 5,918.5 (down 1.87%).

As the session draws to an end the leading indices are falling — Nasdaq drawing back 1.25% to 11,080. S&P 500 trades at 3,768.72 after losing 0.56%. Dow Jones is relatively flat, trades at 30,174.

European markets are down as CAC is down by 1.87%, drops to 5,918.5 Asia-Pacific markets are showing losses.

As a sign of investor distress, spooked investors dumped both stocks and government bonds, thereby lifting bond yields. The iShares U.S. Treasury Bond ETF declined 1.06% to trade at $22.93.

The earnings season is coming to an end and Accenture plc Class A (Ireland) and General Mills Inc have release their reports.

Market's down-tick coincides with some negative macro data published earlier as Crude Oil Inventories in United States fell short of market expectations (2.16 million) with a reading of 1.14 million, continuing the decline from the previous figure of 2.44 million.

Markets are trading lower today despite some positive data published earlier as United States Initial Jobless Claims released today at 12:30 UTC is better than expected at 213,000 but down from preceding data of 208,000 according to new data.

While price action maintains a negative bias, United States Interest Rate released yesterday at 18:00 UTC with a figure of 3.25, while the previous figure was 2.5.

Furthermore, United States Fed Chair Powell speech is scheduled for tomorrow at 18:00 UTC.

While markets are generally down so far today, some stocks outperformed such as Outbrain gained 8% to reach $3.77.

Bright Health is declining today, shedding 5.51% of its value so far this session. Vanguard Mortgage-Backed Securities ETF (down 1.27%) has also underperformed today.

Outbrain trades up 28 cents, approximately 8% higher going into close in 59 minutes time

Outbrain Inc. Common Stock rallies 28 cents (8%) and maintains the $3.77 level as it reaches the end of session. Outbrain is currently trading with a market cap of $210.14 million with an average daily trading volume of 461,361 shares.

Bright Health on track to close around $1.11 after losing 5.51%

Similar trend today: as the current session draws to a close, Bright Health is hovering around the $1.11 level after closing yesterday at $1.18 and dropping by 5.51%. Bright Health's market cap currently stands at $702.11 million with an average daily volume of 1.97 million shares. So far in 2022, it has been under-performing the Nasdaq by 27.17%.