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March 02, 2023
- Novavax was the biggest decliner yesterday after giving up 25.92% As things stand, Qurate Retail (down 22.27%) and Rivian Automotive (down 18.34%) are underperforming today
- European markets ended a mixed session yesterday whilst FTSE is up by 0.49%, hitting 7,915.
A reminder of where yesterday ended before the next session begins: leading equity indices in the US declined as after dropping 0.66%, Nasdaq closed at 11,379. S&P 500 slipped 0.47% and closed at 3,951.39.
US markets are set to open today in around 8 hours. In the meantime, a mixed session has ended in the European markets yesterday. Upbeat Asia-Pacific markets ended today higher as KOSPI Composite Index increases to 2,427.49 (up 0.61%).
3Rd quarter earnings season is mostly over, with Advance Auto Parts Inc and Iovance Biotherapeutics, Inc. releasing their earnings reports just this week.
Market's down-tick coincides with some negative macro data published earlier as highly important Consumer Confidence data from United States beat analyst expectations of 108.5 with a reading of 102.9.
Markets are trading lower today despite some positive data published earlier as United States Crude Oil Inventories released yesterday at 15:30 UTC is better than expected at 1.17 million but down from preceding data of 7.65 million according to new data.
While price action maintains a negative bias, United States ISM Manufacturing PMI (Feb) released yesterday at 15:00 UTC with a figure of 47.7, while the previous figure was 47.4.
Looking ahead, ongoing depreciation may be prolonged as today at 13:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 195,000 from the preceding figure of 192,000.
Furthermore, United States ISM Non-Manufacturing PMI (Feb) is scheduled for tomorrow at 15:00 UTC.
Yesterday's bearishness meant that Novavax lost 25.92% yesterday before closing at $6.86. Qurate Retail (down 22.27%), Rivian Automotive (down 18.34%) also underperformed yesterday.
Rivian Automotive | -18.34% at $15.76
- The sport EV company has recovered 22.46% since descending to a significant low of $15.76 around a day ago.
- After a 10 day of trading sideways
- Daily trading volume (86.68 million shares) increased, making up 331% of the 21-day average (26.20 million).
Rivian hit a significant low of $15.76 around a day ago, but has since recovered 22.46%. The company is currently trading with a market cap of $13.92 billion with an average daily trading volume of 26.20 million shares.
Qurate Retail | Closed 47 cents (-22.27%) lower at $1.64
Early in yesterday's session, Qurate Retail dropped to $1.61 from $2.11 at the end of Tuesday, before closing at $1.64. During the session, it lost 22.27%. Daily trading volume (16.35 million shares) was above the current multiday average of 9.46 million.
