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According to the Wall Street Journal, the U.S. Department of Agriculture informed the White House of Walmarts (WMT.N) price-cutting plan. Trump tweeted on Monday that this was the result of government pressure. Minutes later, Walmart issued a press release stating that it would lower prices on thousands of items to help consumers.July 8th - According to foreign media reports, Samsung Electronics has begun mass production of its most advanced data center storage hard drive, which will be used in NVIDIAs (NVDA.O) upcoming Vera Rubin platform. This enterprise-class solid-state drive, named PM1763, was first announced earlier this year at NVIDIAs GTC conference. Samsung also showcased its next-generation high-bandwidth memory (HBM4) and low-power SOCAMM2 modules at the time, as part of a comprehensive solution for AI data centers. Samsung stated on Wednesday that the PM1763 features the companys latest V-NAND flash memory chips and a newly developed 4nm controller, offering read and write speeds more than double that of its predecessor. The PM1763 is designed to reduce data latency for advanced processors and AI accelerators. To maintain high-speed performance during AI training and inference, the drive employs a liquid-cooling design.July 8th - According to CNN, citing three sources familiar with the decision-making process, prior to the February 28th attacks on Iranian targets, senior U.S. military commanders ignored warnings in key databases that intelligence regarding potential Iranian targets was severely outdated and approved multiple strikes, including an attack on an Iranian girls school that killed nearly 200 children and adults. The sources stated that the system contained warnings indicating that the intelligence was based on data from years ago and needed to be reviewed, and that adding targets to the strike list required approval from senior officers. Two of the sources indicated that senior commanders ignored the warnings for "efficiency reasons," as identifying targets was urgently needed in the early stages of a war, but this directly led to the mistaken bombing of the school. This attack is one of the deadliest civilian casualties in recent U.S. military operations.July 8th - According to Iranian state television today (July 8th), the US attack on Sirik in southern Iran has resulted in multiple injuries. Iranian President Pezechzian, who had just arrived in the Iraqi Shiite holy city of Najaf a few hours earlier, has left Iraq and returned home ahead of schedule. Pezechzian was scheduled to attend the funeral service for the late Iranian Supreme Leader Ali Khamenei in Iraq today.Bahrains Foreign Ministry condemned Irans attacks on Saudi and Qatari oil tankers, calling the incidents a "serious violation of international law" and a threat to maritime security and global energy supplies.

S&P 500 (SPY) Dives Towards 3500 As Inflation Rate Exceeds Expectations

Cory Russell

Oct 14, 2022 17:31

S&P 500 Falls by 2% Prior Market Trading

Following the publication of inflation statistics, S&P 500 futures are touching new lows. In contrast to the expert consensus of 8.1%, the figures showed that the inflation rate decreased from 8.3% in August to 8.2% in September.


Analysts predicted that the core inflation rate would go to 6.5%, but it actually jumped from 6.3% in August to 6.6% in September.


In the meanwhile, according to the Initial Jobless Claims report, 228,000 Americans applied for unemployment benefits in a single week, much in line with expert expectations.


Treasury rates reached annual highs as traders gambled on aggressive rate rises from the Fed in response to inflation readings that were stronger than anticipated. The 10-year Treasury yield is now attempting to stabilize above the psychologically significant 4.00% level. In the event that this effort succeeds, it will pick up further upward momentum and rise towards 4.10%, which is negative for equities.


At the start of today's trading session, tech stocks are probably going to lose ground. Leading tech companies' shares are already down more than 2% in premarket trade, including Apple, Microsoft, Alphabet, Amazon, and Tesla.


Whether traders would go for safe-haven assets in the stock market today remains to be seen. Money will move into the U.S. dollar, which is already reaching new highs, in case the fear spreads. Commodities are negatively impacted by a strong dollar, thus equities with a focus on commodities are probably going to see significant pressure today.