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On June 17, Wu Qing, Chairman of the China Securities Regulatory Commission (CSRC), stated that the CSRC will continue to deepen the reforms of the ChiNext and Innovation Boards, implement the strategic deployment for developing future industries, and support the listing of more "hard technology" companies in fields such as quantum technology, biomanufacturing, and androids. At the same time, the CSRC will orderly promote the deepening of reforms on the ChiNext board, increase support for new consumption and modern service industries, and better serve the development of growth-oriented innovative and entrepreneurial enterprises.June 17th - Yadea Technology Group and Cainiao Network have recently reached a digital cooperation agreement, and the two parties held a launch meeting for the parts supply and sales platform project. In this cooperation, Cainiao will assist Yadea in building a "flexible supply chain system."On June 17, Wu Qing, Chairman of the China Securities Regulatory Commission (CSRC), stated in his keynote speech that the CSRC strongly supports mergers and acquisitions (M&A) and refinancing of listed companies. He further emphasized the need to stimulate M&A activity, deepen refinancing reforms, and support eligible Hong Kong-listed companies to list domestically.On June 17, Wu Qing, Chairman of the China Securities Regulatory Commission (CSRC), stated that the CSRC will release guiding opinions on regulating the development of artificial intelligence in the capital market at an appropriate time.June 17th - XREAL officially launched its first lightweight spatial computing XR glasses, the XREAL AURA, and announced that overseas pre-orders are now open. This product, developed in collaboration with Google and Qualcomm, is a next-generation spatial computing glasses offering high-performance spatial vision and AI interaction. It is planned to launch in the US, UK, Japan, Canada, and South Korea in the fall of 2026, followed by expansion to more markets including Europe.

S&P 500 (SPY) Declines As Treasury Yields Rise

Cory Russell

Oct 09, 2022 14:21

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REITs Continue to Face Serious Pressure

After making a failed effort to stabilize above the 20 EMA close to the 3800 level, the S&P 500 is now declining.


The Initial Jobless Claims data, which revealed that 219,000 Americans applied for unemployment benefits in a week as opposed to the analyst estimate of 203,000, was the main focus of trading today.


The Non Farm Payrolls data, which traders will review tomorrow, is anticipated to reveal that the economy gained 250,000 jobs in September. The dynamics of the S&P 500 will probably be significantly impacted by this news.


Treasury rates increased concurrently, which was negative for equities. Ten-year Treasury yields are now attempting to stabilize above the 3.80% mark. It will climb near the recent highs of 4.00% if this effort is successful, which would put more pressure on the stock market.


As WTI oil challenged the significant resistance level at the 50 EMA at $88.40, energy companies including Marathon Oil, Occidental Petroleum, and Halliburton kept climbing higher today.


REITs were still under significant pressure at the time. Traders sell anything associated with the REIT sector in response to increasing Treasury rates. Crown Castle, American Tower Corporation, and Digital Realty Trust are testing new lows.


The S&P 500 is down by roughly 0.5% today, but the retreat is significant since energy companies are the only sector that are up. This is hardly unexpected given that Treasury yields immediately recovered after the most recent fall, showing that market participants are still concerned about the Fed raising interest rates aggressively.

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