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1. The three major U.S. stock indexes closed slightly higher. The Dow Jones Industrial Average rose 0.36% to 50,644.28 points, the S&P 500 rose 0.02% to 7,520.36 points, and the Nasdaq Composite rose 0.07% to 26,674.73 points. Procter & Gamble rose more than 3%, and Boeing rose more than 2%, leading the Dow Jones. The Wind U.S. Tech Big Seven Index rose 0.47%, Facebook rose more than 3%, and Amazon rose more than 2%. 2. The three major European stock indexes closed mixed. The German DAX fell 0.03% to 25,177.80 points; the French CAC40 rose 0.43% to 8,207.89 points; and the UK FTSE 100 rose 0.13% to 10,505.01 points. 3. US Treasury yields were mixed. The 2-year Treasury yield rose 0.32 basis points to 4.033%, the 3-year Treasury yield rose 0.30 basis points to 4.084%, the 5-year Treasury yield rose 0.73 basis points to 4.177%, the 10-year Treasury yield fell 0.19 basis points to 4.483%, and the 30-year Treasury yield fell 0.82 basis points to 5.012%. 4. The WTI crude oil futures contract closed down 4.77% at $89.41 per barrel; the Brent crude oil futures contract fell 3.92% to $92.88 per barrel. 5. International precious metals futures generally closed lower. COMEX gold futures fell 1.05% to $4454.90 per ounce, and COMEX silver futures fell 2.25% to $74.89 per ounce. 6. London base metals fell across the board. LME tin fell 0.36% to $54,550.0/ton, LME nickel fell 0.44% to $18,890.0/ton, LME lead fell 0.67% to $2,001.0/ton, LME zinc fell 0.72% to $3,507.5/ton, LME copper fell 0.79% to $13,516.0/ton, and LME aluminum fell 1.23% to $3,627.5/ton.US President Trump: Soon, the United States and Armenia will jointly launch the Trump Road to International Peace and Prosperity, which will transform the South Caucasus and help our excellent American energy companies gain direct access to the United States from Central Asia.Sources in Bandar Abbas, Iran, said they heard three or four explosions in the distance, sounding from the same direction as the explosions that occurred a few nights earlier.According to the Wall Street Journal, Google (GOOG.O) employees have been charged with insider trading on the prediction market Polymarket.Conflict Updates: 1. The Ukrainian Foreign Minister called for an end to Russian attacks on Kyiv. 2. Five Ukrainian provinces experienced power outages due to a new round of Russian attacks. 3. A Russian Black Sea port caught fire after being attacked by a Ukrainian drone. 4. A local governor stated that a missile was shot down in the southern Russian city of Taganrog. 5. The Russian Ministry of Defense reported capturing Vozdvizhevka in the Uzaporizhzhia region and Khraniv in the Ukrainian Kharkiv region. 6. Ukrainian General Andriy Biletsky believes that Russian forces in Ukraine are exhausted and unable to achieve significant breakthroughs. Other Updates: 1. Russian and Iranian diplomats were prevented from attending the UN. 2. Zelensky wrote to Trump stating that Ukraine faces a severe shortage of air defense equipment. 3. Ukrainian President Zelensky rejected a proposal for Ukraine to gain partial membership in the EU. 4. Turkish President Erdogan sought to meet with Trump during the World Cup to discuss NATO issues. 5. European Commission President Ursula von der Leyen: Speaks with Ukrainian President Volodymyr Zelensky, reiterating Europes full support for Ukraine. 6. Kremlin: The EU pretends to want to negotiate with Russia on the Ukraine issue, but in reality it is only pushing Ukraine to continue fighting.

S&P 500 (SPY) Rallies As Dollar Pulls Back From Highs

Skylar Shaw

Sep 29, 2022 14:24

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Stocks Rise Following a Drop

As traders raced to purchase oversold equities, the S&P 500 acquired significant upward momentum and surged near the 3700 mark.


The U.S. Dollar Index reached highs close to 114.50 before losing steam and falling down into the 113 level, giving stocks important support.


Additionally, Treasury yields have decreased. Ten-year Treasury yields decreased from 4.00% to 3.75%, while 2-year Treasury yields changed from 4.30% to 4.15%. Lower Treasury rates were another encouraging factor for markets.


Given that the S&P 500 was oversold, the wide nature of the bounce is not unexpected. Energy stock prices are well supported as WTI oil has reclaimed the $80 mark. In today's trading session, Marathon Petroleum, Hess, and Valero Energy are all up more than 4%.


Stocks of basic materials have increased as the price of commodities has generally increased. Leading gold producer Newmont increased by more than 3%, while Freeport-McMoRan, a producer of copper, increased by more than 2%.


Lecanemab, a medication for Alzheimer's, was shown to be effective in a late-stage experiment, which helped Biogen increase its share price by 38%. Today, shares of Eli Lilly, which makes a comparable medication, are up 8%.


From a broad perspective, traders will probably continue to pay attention to the movements of the US dollar and Treasury rates. The intricacies of demand for safe-haven assets are highlighted by demand for the US dollar. Stocks will get greater support if the US currency keeps falling.