The main small cap stocks that are plunging: Tuya Inc. and Mercury General Corporation
Markets completed a mixed session yesterday while Nasdaq closed at 10,800, a 1.63% change. Dow Jones ended the session at 32,033 after a 0.61% gain.
Current market events are being influenced by ambiguous macro data as data from United States concerning Core Durable Goods Orders was released yesterday at 12:30 UTC. Newly published figures emphasized continued decline from last month's figure of 0.3% to -0.5% this month.
What is a downtrend?
A trend is the overall direction of a market or an asset's trading price over a certain period. A downtrend is when the price is generally pointing downwards; there can be certain periods of time when the price increases, yet the trend remains in a downward direction.
18.44% drop, 8 days of losing: Yesterday's lacklustre sentiment ensured Tuya slid 2.31%
Tuya Inc.'s downtrend has seen it decline 18.44% in 8 days yesterday's session continued down the same path: despite the risk-off mood, Tuya was range-bound between 83.01 cents to 88.25 cents and settled at 84.01 cents. The day's trading volume totalled 197,065 shares — below the 21-day average of 475,065.
Continuing a 4 day nosedive: Mercury General ended the session at $28.39 (-0.8%)
Having fallen 35 cents in 4 days, more of the same from yesterday's session: grinding lower but with no clear-cut direction, Mercury General closed the session at $28.39 after forming a distinct $28.29 – $29.07 range. Yesterday's trading volume was 241,468 shares which is slightly below the 21-day average of 350,718.
Mercury General is scheduled to announce earnings results Tuesday. The consensus EPS estimate is -0.55 and the consensus revenue estimate is $1 billion.