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Iranian Foreign Ministry spokesman: Tehran is still weighing its response to the US proposal.On May 8th, Adam Salhan, CEO of 50 Park Investments, stated that the jobs report was slightly stronger than expected, neither too hot nor too cold. The data wasnt strong enough to trigger more inflation or cause problems for the Federal Reserve, but it was enough to alleviate market concerns about stagflation and an economic slowdown. Ultimately, it all comes down to the Federal Reserve. The unemployment rate hasnt risen, and the market can confidently confirm that it remains low for the Fed.On May 8th, Andrew Grantham, an economist at CIBC Capital Markets, stated that Canadas job losses in April and the rise in the unemployment rate from 6.7% to 6.9% indicate an increasing degree of slack in the labor market. Canadas employment decreased by 17,700 in April, with a further decline in full-time jobs being the main drag. In the first four months of 2026, Canadas full-time employment is projected to decrease by approximately 47,000, a drop of about 0.3%. Grantham stated that the increased slack in the labor market should limit the spread of oil price shocks to other goods and services sectors. He added that this data further strengthens CIBCs expectation that the Bank of Canada will maintain a wait-and-see stance in 2026.White House National Economic Council Director Hassett: Emphasizes fiscal responsibility to address debt.On May 8th, TD Securities U.S. interest rate strategist, Molly Brooks, stated that the market reaction was in line with their expectations, with a fairly mild response to the higher-than-expected non-farm payroll data. They previously believed that any dovish data—whether it was a rise in the unemployment rate or non-farm payroll data near zero or negative—could trigger a larger market reaction. This report suggests that there is no conflict between the Feds dual mandates. In the short term, they will continue to focus on the inflation mandate, as this mandate is more likely to deviate from its target.

S&P 500 (SPY) Rallies Amid A Global Market Rebound

Jimmy Khan

Oct 18, 2022 16:13

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Stocks Rise Following a Drop

As the UK's economic strategy was reversed, the S&P 500 increased in value. Previously, traders were concerned that the UK's spending plans would cause UK government bond rates to reach unacceptably high levels and trigger a larger financial crisis.


After UK finance minister Hunt indicated that plans for tax cuts were cancelled and that energy subsidies would be reduced, it should not come as a surprise that UK government bonds increased in value.


The global bond markets received strong support from the UK government bond rally, as Treasury rates deviated from recent highs. Treasury yields' decline was positive for stocks.


The current rise is widespread, and all market categories are rising. Among the top gainers in today's trading session are Tesla, Netflix, Amazon, NVIDIA, and Meta.


The bank stocks continued to rise from their annual lows as a result of Bank of America's good earnings report.


From a broad perspective, traders seem prepared to purchase the whole market. There seems to be a "critical mass" of market players who think that the S&P 500 is about to begin a significant uptrend and that the bottom was already reached at the 3500 level.

S&P 500 Examines 3675 as Resistance

Technically speaking, the S&P 500 recently tried to settle below the 3500 level, but it quickly gathered impetus to the upside and settled above the key support at 3585.


S&P 500 is now attempting to overcome resistance at 3675. The S&P 500 will advance toward the next resistance level, which is close to the 20 EMA at 3700, if this test is successful. The resistance at 3730 will be tested if a move over the 20 EMA occurs. If the S&P 500 moves beyond this point, it will go in the direction of the resistance at 3760.


The prior resistance level of 3640 will act as the S&P 500's first support level on the support side. A decline below 3640 will allow for a test of support at 3615. If the S&P 500 drops below support at 3615, it will move in the direction of support at 3585.

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