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On April 24th, Tesla (TSLA.O) CEO Elon Musk posted on his social media site X that Tesla has begun production of its Cybercab self-driving taxis, fulfilling a long-promised launch plan. Tesla had previously announced plans to begin production of its latest model this month, envisioning the futuristic Cybercab as part of its self-driving taxi network. This two-door, two-seater sedan, unveiled two years ago, lacks a steering wheel and pedals, requiring certain exemptions from US regulators.A Bank of England survey released on Friday, April 24, showed that British businesses surveyed in April expect prices to rise faster than before the Middle East conflict, but wage growth is expected to slow. A separate report from the Bank of Englands regional agents noted that while businesses are concerned about the conflict, "few businesses currently report a significant impact on their output, business activities and plans." The survey, conducted from April 2 to 17, interviewed approximately 2,030 chief financial officers. Energy prices have surged and remained high since the attacks on Iran in late February. The survey found that businesses expect prices to rise by 3.8% over the next 12 months, up from 3.5% in March. Businesses reported that their pricing rose by 3.7% in the year to April. The anticipated signs of rising inflation will concern Bank of England policymakers, who will meet next week to formulate policy and are expected to keep the key interest rate unchanged at 3.75%.Japanese Prime Minister Sanae Takaichi urged the cabinet to seek new sources of oil imports. It is estimated that approximately 60% of crude oil imports in May will bypass the Strait of Hormuz.European seaborne gas supplies have seen their first monthly decline in over a year, driven by terminal construction and tightening global gas supplies. Data shows that the number of liquefied natural gas (LNG) carriers arriving in Europe so far this month is lower than in April last year, and this gap is widening over time. Data intelligence firm Kpler predicts that imports this month may fall by about 3%, marking the first year-on-year decline since early 2025. Kpler analyst Ronald Pinto stated that the decline in European imports in April reflected a combination of factors, including planned maintenance and unplanned shutdowns at import terminals in Spain, Greece, Italy, and Germany, as well as tightening global supplies.ST Jingji: In the first quarter of 2026, the company achieved operating revenue of 935 million yuan, a year-on-year decrease of 47.04%; net profit attributable to shareholders of the listed company was 23.8047 million yuan, a year-on-year decrease of 75.05%.

S&P 500 Gains 4.5% As Traders Bet The Fed Will Raise Rates By 50 Bps In December

Skylar Shaw

Nov 11, 2022 16:51



As the inflation rate drops to 7.7%, tech stocks rise.


As a result of traders' reactions to the U.S. inflation reports, which showed that the inflation rate decreased from 8.2% in September to 7.7% in October, the S&P 500 is up 4.5%. The heavily tech-focused NASDAQ Composite is up 6%.


Data on inflation gave today's international markets a lot of assistance. Additionally, Fed officials gave stock market-friendly hints that the Fed would scale down rate increases.


The rise is being driven by tech stocks. Amazon and NVIDIA are up 12%. Tesla, Apple, and Microsoft are all up 6%.


As a less aggressive Fed policy would help the entire market, it is not surprising that the rally is widespread and that all market categories are increasing. As traders concentrate on riskier bets, consumer defensive stocks underperform the market.


The Michigan Consumer Sentiment report, which will be the focus of traders tomorrow, is anticipated to reveal a decline in consumer sentiment from 59.9 in October to 59.5 in December. Since today's surge has been so robust, traders will probably need a solid report to keep the recovery going. If Consumer Sentiment falls short of forecasts, traders may seek to lock in some profits before the weekend.


S&P 500 is currently probing the resistance at 3920 after managing to stabilize above the 3900 mark. RSI is still in the moderate range despite the strong rally, so there is still plenty of room for further upward momentum to develop should the proper catalysts materialize.


The S&P 500 will move toward the next resistance level at 3960 if it settles above the 3920 mark. A rise above this point will allow for the testing of the 4000 level resistance. The next resistance level at 4015 will be reached by the S&P 500 if it rises above 4000.


The S&P 500's closest support level is found at 3885 on the support side. The S&P 500 will move toward the next support at 3835 if it drops below this level. The S&P 500 may receive significant support in the 3815–3835 range because the 50 EMA is situated at 3815.

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