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Stocks Turn Lower Monday as Bank of England Remains Sidelined; Digital World Falls as PIPE Investors Flee, Walmart Makes First Metaverse Push

Monday, September 26, 2022 02:12 PM | Nick Dey
Stocks Turn Lower Monday as Bank of England Remains Sidelined; Digital World Falls as PIPE Investors Flee, Walmart Makes First Metaverse Push

During trading Monday, 1 stock traded to a 52-week high, while 174 stocks bottomed out at new 52-week lows. The S&P 500 is down 1.05% so far today while the Dow is down 1.19%, the Nasdaq is down 0.48%, and the Russell 2000 is down 1.36%.

Stocks turned lower Monday afternoon as the tech-led rally faded. Depressing traders today was an underwhelming update from the Bank of England, which said it would wait to act until November to combat a rout on the Pound, despite the sterling hitting an all-time low.

Digital World Acquisition Corp (DWAC) is down 2.36% after the company received termination notices from PIPE investors, which totaled approximately $138.5 million. PIPE investors are able to terminate their investment because of the delay in the merger with Truth Social.

In other news, Roblox (RBLX) and Walmart (WMT) announced a partnership that will see the retailer open two separate metaverses. Walmart Land is geared towards fashion, beauty, and entertainment, while Walmart's Universe of Play will showcase toys. The pair of virtual realities are aimed at capturing younger consumers, particularly Gen Z - which is 25 and under.

Sector Highlights

The Financial Services sector makes up the majority of our 52-week lows, as 33 out of our 174 lows come from the Financial Services sector. The Financial Services sector is outperforming the market today, decreasing 1.59% so far on the day. Over the last month, the Financial Services sector has outperformed the market, decreasing 8.89% while the S&P decreased by 10.75%.

Financial Services: AFG, ALLY, BBDC, BCSF, BPOP, C, CFG, CINF, CME, CNA, EIG, FSK, GBDC, GHL, GSBD, HCI, HTGC, KEY, L, MCO, MKTX, NTRS, OCSL, RE, SBNY, SEIC, TCPC, TSLX, TW, USB, UVE, V, WU

The Lists

The following stocks traded to 52-week highs:

BHVN

The following stocks traded to 52-week lows:

AA, ACIW, ADBE, AFG, ALE, ALEX, ALGT, ALLY, AMD, ARCE, ATUS, AVB, AY, BBDC, BCSF, BKR, BOOM, BOOT, BPOP, BV, C, CCI, CFG, CHTR, CINF, CLB, CLVT, CME, CMRE, CNA, CNDT, CODI, COO, CPT, CRBP, CSX, CTLP, CTLT, CVGI, DHC, DLB, DLR, DOOR, DX, EEFT, EGP, EIG, ELAN, ELS, EPR, EQIX, ESS, EVER, EXAS, FB, FBHS, FDX, FIS, FLT, FPH, FRT, FSK, FTDR, GBDC, GBX, GCI, GHL, GNK, GPMT, GSBD, GTES, GTN, GVA, HARP, HCI, HELE, HSII, HTGC, INTC, INVA, IP, J, JBLU, KEY, KNDI, KRO, KSS, L, LBTYA, LITE, LOVE, LUMN, LUV, M, MAA, MCFT, MCO, MED, MHK, MITT, MKTX, MMI, MSGS, MSM, MTRX, NCMI, NGL, NMRK, NOMD, NOW, NR, NSC, NTRS, NWE, NXRT, NYT, O, OCSL, OKE, OPK, ORC, ORCL, OTRK, PEGA, PETQ, PGRE, PIRS, PKG, PLD, PLUS, PSA, PUMP, QGEN, QTWO, RARE, RE, RPAY, RYN, SBNY, SCHL, SCHN, SCPL, SEIC, SKX, SSD, SSNC, STAG, SUI, SXC, TCPC, TCRR, TPC, TRTX, TSLX, TW, TWO, UFI, UPLD, UPS, UPWK, USB, USFD, UVE, V, VAPO, VNTR, VRA, VRNT, VSTO, VZ, W, WELL, WU, XXII

High & Low Streaks

The following stocks are trading at a 52-week low for the third consecutive day:

AA, ACIW, ALEX, AMD, BBDC

The following stock is trading at a 52-week low for the third consecutive day:

ATUS

The following stock has been trading at a 52-week low for five or more consecutive days:

ALGT (5)

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