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Federal Reserve Statement: The Federal Open Market Committee (FOMC) unanimously elected Kevin Warsh as Chairman of the FOMC.On May 23, U.S. Director of National Intelligence Tulcie Gabbard announced on social media on May 22 that she had submitted her resignation to President Trump that day to care for her husband, who is battling cancer. U.S. media reports indicate that Gabbard was effectively "forced out" by the White House. In her resignation letter, Gabbard stated that her husband had recently been diagnosed with "an extremely rare form of bone cancer," and her resignation would take effect on June 30. Trump announced on social media that day that Deputy Director of National Intelligence Aaron Lucas would serve as acting Director of National Intelligence. According to multiple U.S. media reports, Gabbard had been marginalized within the White Houses national security decision-making system, and in recent months, Trump had expressed considerable dissatisfaction with her and considered replacements. Gabbard has long opposed U.S. government military intervention abroad and disagreed with Trump on the Iranian nuclear issue. After the U.S. and Israel launched a large-scale military operation against Iran in late February, she testified before Congress that Iran had not attempted to rebuild its nuclear program and refused to confirm that Iran posed an imminent threat as the U.S. claimed.According to the Wall Street Journal, sources say the United States has suspended visa issuance to people who have visited Ebola-affected areas. This policy applies to individuals planning to travel to the United States within 21 days in South Sudan, the Democratic Republic of Congo, or Uganda.According to the U.S. Commodity Futures Trading Commission (CFTC), in the week ending May 19, speculators reduced their net short positions in CBOT U.S. 2-year Treasury futures by 41,775 contracts to 1,560,837 contracts; increased their net short positions in CBOT U.S. 10-year Treasury futures by 66,885 contracts to 848,052 contracts; increased their net short positions in CBOT U.S. ultra-long-term Treasury futures by 15,470 contracts to 254,464 contracts; and reduced their net short positions in CBOT U.S. 5-year Treasury futures by 11,629 contracts to 1,350,516 contracts.According to the U.S. Commodity Futures Trading Commission (CFTC), in the week ending May 19, crude oil speculators increased their net long positions in WTI crude oil by 15,017 contracts, reaching 110,348 contracts.

As Chipmakers Climb, Wall Street Begins Its Uptrend, Driven by Nasdaq

Skylar Shaw

Mar 31, 2022 11:34

(Reuters) – NEW YORK On Thursday, major U.S. stock indexes rose more than 1%, extending the market's recent rally, as investors bought beaten-down shares of chipmakers and strong growth companies and oil prices fell.


The shares of Nvidia Corp. rose 9.8%, driving a rise in the chip sector and reaching its highest level since mid-January. Intel Corp rose 6.9%, helping the S&P 500 and the Nasdaq to gain ground.


The Philadelphia SE semiconductor index.SOX rose 5.1 percent, its highest daily percentage rise since Feb. 15, but it is still down around 10% for the year. After being battered earlier this month, Apple shares are up for the eighth day in a row.


Six of the last eight days have seen the three major indexes rally, with all three rebounding after the S&P 500 and Dow both confirmed that they are in corrections, while the Nasdaq confirmed that it is in a bear market.


"The bear market was the best time to invest," said Jake Dollarhide, CEO of Tulsa, Oklahoma-based Longbow Asset Management, which manages roughly $50 million in assets. "At long last, people realized this is an excellent place to start."


He stated, "For the first time in a long time, they are recognizing greater value in technology."

After a big rise on Wednesday, oil prices have dropped. 


The number of Americans submitting new unemployment claims fell to a 52-1/2-year low last week, but unemployment rolls continued to fall, according to previous data.


The Dow Jones Industrial Average increased 349.44 points, or 1.02 percent, to 34,707.94, the S&P 500 increased 63.92 points, or 1.43 percent, to 4,520.16, and the Nasdaq Composite increased 269.24 points, or 1.93 percent, to 14,191.84.


The next steps in the Ukraine-Russia situation were closely monitored by investors. Western countries have decided to boost military aid to Ukraine while tightening sanctions on Russia, whose invasion of its neighbor has now reached its second month.


Uber Technologies Inc rose 5% after the ride-hailing company announced that it had achieved an agreement to list all cabs in New York City on its app.


The volume on US exchanges was relatively low, with 11.03 billion shares, compared to the 14.3 billion average for the prior 20 trading days.


On the New York Stock Exchange, advancers outweighed decliners 1.96 to 1; on the Nasdaq, advancers outnumbered decliners 2.03 to 1.


The S&P 500 index saw 29 new 52-week highs and four new lows, while the Nasdaq Composite saw 58 new highs and 60 new lows.


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