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February 23 – The 9th Congress of the Workers Party of Korea continued on February 22. The meeting discussed and revised the Workers Party Constitution and elected members of the Central Leadership. The Congress expressed its full support for and endorsement of the proposal to re-elect Kim Jong Un to the highest position in the Workers Party of Korea, and elected him as General Secretary of the Workers Party of Korea. The meeting also elected members and alternate members of the Central Committee of the Workers Party of Korea. Kim Jong Un, Pak Thae Song, Jo Yong Won, Ri Il Hwan, and 139 others were elected as members of the Central Committee of the Workers Party of Korea.February 23 - Analysts say that as skepticism surrounding artificial intelligence grows, Wall Street is increasingly worried that the chip giants earnings this week will drag down its stock price. Nvidias stock has been trading sideways for months, rising only 1.7% since the beginning of the fourth quarter of last year, slightly below the S&P 500s 3.3% gain over the same period. Nvidias recent lackluster performance is largely due to increased investor concerns about spending hundreds of billions of dollars on AI development, leading to capital outflows from large-cap tech stocks. However, the stock market also faces numerous external risks, including geopolitical instability and reduced expectations of interest rate cuts. All of this puts Nvidia in a delicate position when it releases its fourth-quarter and fiscal year results on Wednesday. Investors expect its results to far exceed Wall Street expectations and raise forecasts for the coming quarters. But the company may have little to do or say to drive a meaningful rise in its stock price. Nvidias stock price has fallen after its last two earnings releases.February 23 - On February 22, local time, Greenlands Prime Minister Jens-Frederic Nielsen stated on social media that Greenland has no intention of accepting a hospital ship that US President Trump planned to send to the island. Nielsen posted on Facebook that day, "The answer here is: No, thank you." He stated that Greenlanders enjoy free healthcare, a system that is a "basic component" of local society, "unlike the United States, where you have to pay for medical care."February 23 – The Iranian Foreign Ministry stated that its foreign minister and Iraqi foreign minister held a telephone conversation on Sunday evening. During the call, they reviewed and discussed the latest regional and international situation. The Iranian foreign minister briefed Iraq on the progress of the Iran-US nuclear negotiations. The Iraqi foreign minister emphasized Iraqs support for the ongoing diplomatic process and expressed hope that the ongoing talks would yield favorable results for Iran and bring peace and stability to the region.On February 23, local time, European Parliament International Trade Committee Chairman Alain Lange announced via social media that he would propose a suspension of the European Parliaments ratification of the EU-US trade agreement due to the "chaos" caused by the US Supreme Courts ruling that the US governments massive tariff policies were illegal. Lange stated that clear stipulations and legal certainty are needed before any further measures can be taken, and he will formally propose on the 23rd that the European Parliament temporarily freeze the ratification process of the trade agreement with the US until a proper legal assessment and clear commitment from the US are obtained. The EU-US trade agreement was reached last July, with the US imposing a 15% tariff on EU goods imported into the US.

E-mini Dow Jones Industrial Average (YM) Futures Technical Analysis

Cory Russell

Aug 18, 2022 14:42



August E-mini Early on Thursday, the Dow Jones Industrial Average futures are edging down after the previous session ended their five-day winning run. The price movement indicates that the current boom could be waning.


Deflating Target earnings news caused the blue chip average to fall early in the session on Wednesday. Despite the fact that the stock is not a part of the Dow, the news had a depressing effect on market mood.


A mixed data on U.S. retail sales later in the afternoon failed to excite investors since it increased the likelihood that the Fed will raise interest rates by 75 basis points in September.


However, the transaction was impacted by the Fed minutes. Trading lowered the likelihood of a 75 basis point rate rise and boosted the likelihood of a 50 basis point rate hike since it was seen as less hawkish. The E-mini Dow was able to rise over its intraday low thanks to this.


September E-mini Dow Jones Industrial Average futures are now trading at 33937, down 26 or -0.08%, as of 04:54 GMT. The SPDR Dow Jones Industrial Average ETF (DIA) finished Wednesday's trading session at $340.21, down $1.53 or -0.45%.

Looking Forward

Following the Wednesday Closing Bell, Dow component Cisco increased by more than 3% as a consequence of the publication of its fiscal fourth-quarter earnings. This action may have provided a little floor for the market, but it wasn't noteworthy enough to raise prices.


A deluge of U.S. economic data, including the Philly Fed Manufacturing Index, Weekly Unemployment Claims, Existing Home Sales, and the Conference Board's Leading Index, will be available for traders to respond to later today.


The Philly Fed data may be the most important, particularly if it is far worse than expected, as the Empire State Manufacturing Index was on Monday.


Technically speaking, the Dow may be running a bit too hot, which might give the Fed cause to try to aggressively raise interest rates in an effort to bring it down.