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April 18 - According to the Wall Street Journal, US officials stated that the US military is preparing to board and seize Iranian-linked oil tankers and merchant ships in international waters in the coming days, expanding its naval operations beyond the Middle East. This plan comes as the Iranian military continues to tighten its control over the Strait of Hormuz, attacking several merchant ships on Saturday and declaring the waterway under "strict Iranian control." These developments have caught shipping companies off guard, just a day after the Iranian Foreign Minister declared the strait fully open to merchant ships, a statement praised by President Trump.Domestic News: 1. Two Chinese citizens tragically died in a car accident in the Russian Far East. 2. The Eastern Theater Command conducted joint combat readiness patrols in relevant sea and air areas of the East China Sea. 3. Rumors circulating online that "new environmental regulations have increased chicken farming costs, leading to higher egg prices" are false. 4. The 27th meeting of the China-Switzerland Joint Economic and Trade Committee was held in Bern, Switzerland. 5. Eight departments, including the Ministry of Public Security, stated that they will maintain a high-pressure stance against tax-related crimes such as issuing false invoices and tax evasion. 6. Seven e-commerce platforms expressed their sincere acceptance of the State Administration for Market Regulations penalties and their determination to fulfill their food safety responsibilities. 7. DeepSeek is reportedly launching its first external financing round? An executive from a large state-owned equity institution stated that the news is likely true, but they are currently unable to invest. International News: 1. The US Department of Energy will release the third batch of strategic petroleum reserves. 2. Progress has been made in a new round of dialogue between the Congolese government and anti-government forces. 3. Iraq stated that oil exports from all its oil fields will resume within days. 4. ECB Governing Council member Demarco stated that the ECB is not in a hurry to act and will receive more information in June. 5. According to the Wall Street Journal: The U.S. Department of Justice informed French law enforcement that it will not assist them in investigating Elon Musks social media platform X. 6. Iran Situation—① Iran: Due to the U.S. "breach of promise," it will control passage through the Strait of Hormuz until the war is completely over. ② Iran stated that it has not yet agreed to hold the next round of negotiations with the U.S. ③ Trump: The U.S. and Iran are in dialogue, and there will be news before the end of today. Iran cannot blackmail us by closing the strait again. ④ In contact with maritime intelligence: The Iranian Revolutionary Guard fired on oil tankers attempting to cross the Strait of Hormuz. ⑤ According to the Wall Street Journal: U.S. officials said that the U.S. military is prepared to board and seize ships linked to Iran in international waters in the coming days.According to the Wall Street Journal, U.S. officials say the U.S. military is prepared to board and seize Iranian-linked vessels and merchant ships in international waters in the coming days.On April 18, the Security Service of Ukraine (SBU) announced on social media that it had struck three Russian warships in Crimea. The SBU stated that the struck warships included the Russian Navys large landing ships "Yamal" and "Azov," as well as a warship of unidentified type. Other reports indicated that a Russian Project 21980 anti-sabotage boat "may have been hit."On April 18, Naghdi, an advisor to the commander-in-chief of Irans Islamic Revolutionary Guard Corps, said in an interview that Irans missile and drone production is still ongoing.

S&P 500 Retreats As Treasury Yields Test New Highs

Cory Russell

Oct 20, 2022 15:36

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Settled S&P 500 Below 3700

As traders paid attention to the events in the Treasury markets, the S&P 500 fell below the 3700 mark. Treasury yields hit fresh highs today after gaining significant upward momentum. While the yield on 10-year Treasuries managed to stabilize above 4.10%, the yield on 2-year Treasuries crept closer to 4.55%.


Unsurprisingly, the U.S. dollar received significant support from higher rates. Stronger dollar and higher Treasury rates acted as stock market negative drivers.


The trading session today saw quite a few prominent losers. After lowering its full-year outlook, Generac, which develops and produces power generating equipment, saw a 25% fall. After missing analyst sales and profit expectations, M&T Bank dropped 14%.


As Treasury rates touched new highs, it should come as no surprise that REITs had the poorest performance in the market. Leading tech companies including Amazon, Microsoft, and Alphabet were all down by approximately 1% as investors continued to take gains after the recent recovery.


As WTI oil rose back over the $85 mark, energy equities including Baker Hughes, Valero Energy, Halliburton, and Schlumberger saw gains of 4–5%.


After the release of its third-quarter report, Tesla shares fell in the after-market session, reaching a low of $210. The business posted profits of $0.95 per share and sales of $21.45 billion. The next earnings call, which might significantly affect the dynamics of Tesla stock, will continue to be the focus of traders.


Following the release of its third-quarter earnings, IBM acquired significant upward momentum and climbed near $129 per share. The business said that for the whole year 2022, constant currency sales growth will exceed its mid-single digit estimate. In the post-market session, support for IBM shares came from an improvement in the expectation for sales growth.

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