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March 15th - An article emphasizes that my country has a long history of managing and developing its oceans. After the founding of the Peoples Republic of China, we systematically developed and utilized the ocean. Following the reform and opening up, my countrys marine economy entered a period of rapid development. To advance Chinese-style modernization, we must efficiently develop and utilize the ocean, promote high-quality development of the marine economy, and forge a path of maritime power with Chinese characteristics. The article points out that, in specific work, we must strengthen top-level design and policy support. We should formulate the "15th Five-Year Plan" for marine economic development, increase policy support in industry, science and technology, finance, and taxation, and encourage and guide social capital to actively participate in the development of the marine economy. We must improve our independent innovation capabilities in marine science and technology. We should strengthen our strategic marine science and technology capabilities and cultivate leading marine science and technology enterprises and specialized and innovative small and medium-sized enterprises.Israel Defense Forces: Based on the situation assessment, people in protected areas across the country are now free to leave.Irans Islamic Revolutionary Guard Corps announced the launch of the 53rd wave of military strikes in Operation True Commitment-4.On March 15, the Russian Ministry of Defense stated that its air defense systems shot down 170 Ukrainian drones overnight, including 20 that were en route to Moscow. The Ministry further stated that the drones were shot down over the Tver, Bryansk, Belgorod, Kaluga, Kursk, Smolensk, Tula, Rostov, Volgograd, Saratov, Krasnodar Krai, Adyge Republic, Crimea, the Black Sea region, and the Moscow region, with 20 of them en route to Moscow.According to the Financial Times, diplomats say Russia has benefited from rising oil prices, a suspension of US sanctions, and the rapid depletion of US ammunition needed by Kyiv.

NASDAQ Composites Falls for Fifth-Straight Sessions on Weak Chip Sector, Interest Rate Fears

Cory Russell

Sep 02, 2022 14:45



After being instructed to cease shipping AI chips to China, Nvidia and Advanced Micro Devices saw their stock prices plummet.


The tech-heavy NASDAQ Composite is down for the sixth consecutive day as chipmakers fell, driven by a decline in Nvidia and Advanced Micro Devices shares after the United States banned the shipment of some of the most advanced AI devices to China.


The index declined at the start of the cash market, but the selling pressure subsided as U.S. economic data revealed a further easing of pricing pressures. Manufacturing, however, expanded briskly in August as a result of a comeback in employment and new orders.


The NASDAQ Composite is down 31.08 points or -0.26% at 11785.13 as of 18:12 GMT. At $299.43, the Invesco QQQ Trust ETF (QQQ) is up $0.16 or 0.05%.


The latest sell-off started last Friday as Fed Chairman Jerome Powell said the institution will continue aggressively hiking rates to combat inflation even after two straight increases of 75 basis points. Other Fed officials have since mirrored Powell's remarks.


Near session's end, traders projected a 74.0% possibility of a third consecutive 75 basis point rate rise in September, with a high of around 3.993% expected in March 2023.

After US Restrictions, Nvidia and Advanced Micro Devices Sink in the Chip Sector China Sales

After Nvidia and Advanced Micro Devices claimed that U.S. authorities had instructed companies to cease shipping cutting-edge processors for artificial intelligence to China, U.S. chip stocks fell on Thursday, with the major semiconductor index down more than 3%, according to Reuters.


While smaller competitor AMD's price dropped over 6%, Nvidia's stock plunged 11%, on pace for its largest one-day percentage decline since 2020.


Nvidia said in a filing on Wednesday that the limited shipments to China of two of its top artificial intelligence computer chips, the H100 and A100, might affect $400 million in potential sales to China in the current fiscal quarter.


However, AMD does not think the new regulations would have a significant effect on its company. AMD also claimed that American authorities instructed it to halt selling its top artificial intelligence processor to China.


Economic data that is strong supports the Fed's plan to raise rates quickly.


According to a government survey, fewer Americans than usual filed new unemployment benefit claims last week, which is consistent with the high demand for employees and the tight job market circumstances.


In other developments, statistics from the Institute for Supply Management (ISM) revealed that American manufacturing expanded gradually in August as employment and new orders increased. Meanwhile, predictions that inflation has likely peaked were supported by a further easing of pricing pressures.

Looking Forward

Investors are now waiting for Friday's monthly nonfarm payrolls report for further labor market data. According to Reuters' survey of economists, there will be a 300,000 rise in employment. However, Wells Fargo economist Jay Bryson increased his projection for nonfarm payrolls from 325,000 to 375,000, while Morgan Stanley economist Ellen Zentner anticipates August payrolls of 350,000.

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