EUR/USD 1.17590
0.097%
Gold 4712.26
0.457%
Oil 92.451
-0.950%
USD/JPY 156.617
0.150%
GBP/USD 1.35943
0.014%
GBP/JPY 212.913
0.185%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
Ukrainian President Zelensky: The United States and its people can help maintain peace in Europe by taking a tough and just stance against aggressors.On May 8, the Russian Ministry of Defense announced that, in accordance with President Putins decision to commemorate the 81st anniversary of the victory in the Great Patriotic War of the Soviet People, Russia declared a ceasefire from midnight on May 8 to May 10. During this period, all units of the Russian Armed Forces will completely cease combat operations in special military operational areas. Simultaneously, Russia will cease using missile units, artillery, air- and sea-based long-range precision weapons, and attack drones to strike Ukrainian armed forces positions and infrastructure targets related to military-industrial complexes and armed forces deep within Ukraine. Russia calls on Ukraine to adopt similar measures.Ukrainian President Zelensky: Russias ceasefire to commemorate Victory Day exposes the "strange and inappropriate" logic of its leaders.On May 8, the U.S. Treasury Department announced a new round of sanctions related to Iran on its website on May 7, including sanctions against an Iraqi official for "assisting Iran in selling oil." The Treasury Department stated that a deputy minister of the Iraqi Oil Ministry "used his position to assist Iran in selling oil," and was therefore sanctioned. The Treasury Department also sanctioned three senior leaders of armed groups closely linked to Iran. According to Reuters, the U.S. froze all assets of the sanctioned individuals in the United States and prohibited Americans from conducting transactions with them.Freddie Mac: The average interest rate for a 30-year fixed-rate mortgage in the U.S. was 6.37% in the week ending May 7, up from 6.30% the previous week.

S&P 500 (SPY) Dives To 3635 As Initial Jobless Claims Decline

Steven Zhao

Sep 30, 2022 15:00

微信截图_20220930142928.png

Investor Fears Regarding a Hawkish Fed

The Initial Jobless Claims data, which was better than expected, has caused investors to react negatively, and the S&P 500 is down more than 2% during today's trading session.


The figures revealed that just 193,000 Americans sought for unemployment benefits in one week, far less than the expert prediction of 215,000. The Fed claims that the labor market is still too tight. The study supported the robustness of the labor market. The Fed's need to raise rates rapidly in order to reduce demand and fight inflation would hurt stocks.


Auto stocks were under pressure after CarMax's profits and sales fell short of analyst projections. The stock is down 23% so far in today's trading. Traders think that Tesla, General Motors, and Ford have all dropped by 5-6% as a result of the effect that rising lending rates have had on the market for cars.


It is hardly surprising that tech shares have fallen today as the market prepares for higher interest rates. AMD, NVIDIA, and Apple among those that suffered the most losses in this market segment today.


Despite the oil market's rebound, the current sell-off is pervasive, and even energy stocks are under pressure. Since the market views the Fed's actions as the biggest danger to stocks, any news that signals the Fed will keep raising interest rates quickly causes a sell-off.

S&P 500 Tests Support At 3635

The 3635 support level continues to be the S&P 500's target closing price. Even if the RSI is virtually in oversold zone, if the right triggers occur, there is still a chance for additional bearish momentum.


If the S&P 500 closes below 3635, it will go toward the next support level at 3600. The S&P 500 will go closer to support at 3580 if this level is properly challenged.


For the S&P 500 during an upswing, the previous support level at 3660 will serve as the initial resistance level. If the S&P 500 climbs once more over this level, it will move toward the next hurdle at 3700. If the price rises over 3700, the resistance level at 3725 may be challenged.

Suggestion