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The US New York Fed Manufacturing Index in September was -8.7, expected to be 5, and the previous value was 11.9.Oracle (ORCL.N) rose in pre-market trading, extending its gains to nearly 2%.On September 15, Nordea analysts Kjetil Olsen and Sara Midtgaard said that apart from the Norwegian Central Bank’s signal of a rate cut in June, the bank had no basis to lower the key interest rate on Thursday. The Norwegian Central Bank launched its first monetary policy easing in this cycle in June, lowering the key interest rate from 4.5% to 4.25%, and has long been sending signals that it will gradually cut interest rates further. The expectation of a rate cut is based on the premise that "monetary policy is suppressing economic activity", but Nordea has questioned this premise. The bank pointed out that the Norwegian economy has rebounded sharply after two years of moderate growth. At the same time, the inflation rate is still well above the target level of 2%. The two said: "Although we are extremely uncertain about what actions (Norwegian Central Bank policymakers) will take, we believe that they will keep interest rates unchanged."The US September New York Fed manufacturing index and Canadas July wholesale sales monthly rate will be released in ten minutes.On September 15th, Loongson Technology announced on its interactive platform that the development of its first GPGPU chip, the 9A1000, is nearly complete, with tape-out expected within the third quarter. Its success will depend on test results after tape-out.

S&P 500 Facing More Selling Pressure from Fed Tightening

Skylar Shaw

Jun 20, 2022 14:34

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After a dramatic loss the previous day, September E-mini S&P 500 Index futures closed higher on Friday in a tumultuous session, with the benchmark index swinging back and forth over the break-even line.


The "quadruple witching," which refers to the simultaneous expiry of stock index futures, single-stock futures, stock options, and stock index options, increased market volatility.


The September E-mini S&P 500 Index closed at 3675.75 on Friday, up 4.50 points or 0.12%. The SPDR S&P 500 Trust ETF (SPY) finished the day at $365.84, up $0.77 or 0.21 percent.


Leading Indicators and Industrial Production Weaken


In economic news from the United States, the Federal Reserve issued a report indicating that industrial output rose less than predicted in May. The Conference Board's rating on main U.S. economic indicators continued to fall last month, according to a separate analysis.

More Negative Effects Are More Likely

Despite the fact that economic data was poorer than expected, there was nothing in the reports to indicate a recession was on the horizon or to prevent the Federal Reserve from continuing to tighten policy.


On Friday, Fed Chair Jerome Powell said that the central bank is committed to bringing inflation to its target of 2%. This effectively indicates that higher interest rates are on the way.

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