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March 7 - According to US media reports, a tornado struck Michigan on March 6, killing at least four people and injuring more than ten. The report stated that the tornado also caused trees to fall and homes to be damaged in the southwestern part of the state. Michigan Governor Gretchen Whitmer has activated the states emergency operations center to coordinate resources to deal with the severe weather.UAE Ministry of Defense: We are currently dealing with missile and drone threats from Iran.March 7 (Reuters) - U.S. Democratic Senator Mark Kelly proposed on Friday to suspend the federal gasoline tax of 18.4 cents per gallon until October 1 to help Americans facing rising gas prices due to the U.S.-Israel-Iran conflict. According to data from AAA, a U.S. travel organization that tracks fuel prices, national gasoline prices rose 35 cents in the past week, reaching an average of $3.32 per gallon. Political analysts say the continued rise in gasoline prices could be detrimental to Trumps Republican allies in the November midterm elections, who are striving to retain their congressional majority. Kelly plans to submit the bill to the Senate next week. If the bill passes, the U.S. Treasury Department will oversee the implementation of the tax suspension to ensure that the saved tax revenue is truly used to lower gasoline prices and benefit consumers.March 7 – According to AFP and other foreign media reports, the White House confirmed on March 6 that US President Trump will attend the handover ceremony for the remains of six US soldiers on March 7. White House spokesman Levitt stated, "Tomorrow he (Trump) will travel to Joint Base Dover to attend the handover ceremony for the remains of six service members killed in the Iranian attack on our forces." The report states that the ceremony will be held at Dover Air Force Base in Delaware, which is responsible for receiving the remains of US soldiers killed overseas.According to Iranian media, an airstrike targeted the area near Freedom Square in downtown Tehran.

S&P 500 (SPY) Tries To Settle Below 3600

Skylar Shaw

Oct 11, 2022 15:05

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At the beginning of the week, the S&P 500 declines


At the start of the week, the S&P 500 is still under significant pressure as traders sell equities due to recession concerns.


Tech stocks are leading the decline. The new export regulations intended to limit China's access to cutting-edge technology might result in huge losses for the businesses in this industry. Stocks like NVIDIA and Intel are now testing annual lows as a consequence.


Concerns regarding coronavirus-related measures in Macau have caused the price of casino stocks like Wynn Resorts and Las Vegas Sands to drop by roughly 10%.


Cruise stock prices are still under pressure due to economic concerns. Today's trade has seen losses of 5–8% for Norwegian Cruise Line, Carnival Corporation, and Royal Caribbean Cruises.


It should be noted that consumer defensive equities like Kroger, Kraft Heinz, and Altria are somewhat in demand.


In the overall picture, the market is heading towards annual lows and there has been a significant sell-off. The rapid rate rises by the Fed are causing traders to worry that they may put too much pressure on the economy and result in a catastrophic recession rather than a "soft landing."

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