During trading Friday, 1 stock traded to a 52-week high, while 154 stocks bottomed out at new 52-week lows. The S&P 500 is down 2.29% so far today while the Dow is down 2.06%, the Nasdaq is down 2.94%, and the Russell 2000 is down 2.88%.
Stocks are lower this afternoon following an unexpected uptick in consumer prices.
The Consumer Price Index rose 1.0% in May against estimates set at a 0.7% rise. This brought the yearly rise to a 40-year high. The report challenged the peak inflation narrative as prices rose in nearly every category and mean that the Fed is forced to maintain its aggressive rate-hike path to tackle inflation.
Meanwhile, the preliminary reading for the University of Michigan's Index of Consumer Sentiment eroded more than expected in June to a reading of 50.2, compared to estimates for a rise to a reading of 59.0. This is the lowest reading ever for the index, dating back to 1978 as Consumer Expectations fall amidst persistent inflation.
Docusign Inc (DOCU) is declining 23.84% after the company missed earnings and reaffirmed full-year 2023 revenue guidance while providing in line guidance for the second quarter.
There were some notable and worrisome comments and actions in the earnings report. DocuSign slashed its full-year billing guidance amidst many headwinds, including inflationary and workforce woes. Further, the war in Ukraine is dampening its demand in Europe, one of DocuSign's largest markets for expansion. Lastly, the company doubled its size during the pandemic and has struggled to find a way to maintain growth, with the company noting that the strong COVID tailwind has turned into a headwind.
Sector Highlights
The Real Estate sector makes up the majority of our 52-week lows, as 33 out of our 154 lows come from the Real Estate sector. The Real Estate sector is outperforming the market today, decreasing 1.68% so far on the day. Over the last month, the Real Estate sector has underperformed the market, decreasing 6.05% while the S&P decreased by 2.56%.
Real Estate: AAT, ABR, AVB, BDN, BRMK, CUZ, CWK, DEI, DHC, ESRT, FPH, FRT, FSP, HIW, HPP, IVR, JLL, KRC, KREF, LAMR, NMRK, OUT, PEAK, PEI, REG, RPT, SAFE, SLG, SRG, TRNO, UDR, UMH, VNO
The Lists
The following stocks traded to 52-week highs: PBT
The following stocks traded to 52-week lows: AAT, ABR, ADES, APPS, ASGN, AUD, AVB, BBBY, BDN, BPMC, BRMK, CCL, CCO, CDXS, CFFN, CGNX, CHRS, CIEN, CMTL, CNMD, CONN, CPA, CPF, CRL, CSWC, CURO, CUZ, CVNA, CWK, DEI, DESP, DHC, DISCA, DLX, DOCU, DTIL, EFX, EGBN, EGHT, ENDP, ENR, ESRT, EVR, EVTC, EXAS, EXPE, FAF, FATE, FBNC
The following ETFs traded to a 52-week low: AGG, BND, BWX, CSJ, EFA, EGPT, EMB, EWA, EWI, EWK, EWM, HYG, ICF, IEF, IEI, IYR, JNK, LQD, MBB, SHY, TLH, URE, VNQ
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