Yields rise as risk-off sentiment dominates market mood

Published: September 22 2022, 21:00 GMT+0

Yields rise as risk-off sentiment dominates market mood

  • Costco & Accenture plc Class A (Ireland) the latest companies to report earnings for Q2
  • Bright Health was the biggest decliner today after giving up 4.24%
  • European markets were down today as CAC is down by 1.87%, falls to 5,918.5

Ahead of tomorrow's session: leading equity indices in the US declined as Nasdaq shed 1.37% and closed at 11,067. S&P 500 slipped 0.84% and closed at 3,758. After dropping 0.35%, Dow Jones closed at 30,077.

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

In a tough day for US markets, both stocks and bonds suffered from risk-off sentiment and a higher likelihood of a hawkish Fed at its next FOMC meeting. The iShares U.S. Treasury Bond ETF declined 0.99% to trade at $22.94.

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

Market's down-tick coincides with some negative macro data published earlier as following a previous reading of 2.44 million, Crude Oil Inventories in United States released yesterday at 14:30 UTC fell short of the 2.16 million figure expected by analysts with an actual reading of 1.14 million.

Markets are trading lower today despite some positive data published earlier as highly important Initial Jobless Claims data from United States beat analyst expectations of 218,000 with a reading of 213,000.

While price action maintains a negative bias, United States Interest Rate came out at 3.25, while a consensus of analysts was expecting 3.25.

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 6.59% to reach $3.72. Playtika (up 6.03%) is also performing well.

Today's bearishness meant that Bright Health lost 4.24% today before closing at $1.13.

Today's 4.24% loss extends an 8 day bearish run in which Bright Health Group Inc. had already lost 50 cents from its share value. Today's trading volume was 1.58 million shares which is slightly below the 21-day average of 1.97 million.

Outbrain gains 6.59% within $3.46 to $3.77 daily range

Outbrain rallied 6.59% and ended the session at $3.72. The company has a market cap of $207.35 million with an average daily trading volume of 461,361 shares.