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On March 11, local time, Fadavi, deputy commander of the Iranian Islamic Revolutionary Guard Corps, stated that there are currently no US ships within 700 kilometers of Iranian waters. He claimed that the US Navy has "fled" the area because the US is aware that Iran has developed a special operational plan to target and sink its aircraft carrier. Furthermore, Fadavi warned the US that it must consider the possibility of becoming bogged down in a protracted war of attrition, which could lead to the complete collapse of the US and even the global economy. Fadavi also stated that Iranian armed forces shot down a US F-15 fighter jet south of Tehran.On March 11, the International Energy Agency (IEA) announced it would release 400 million barrels of oil from its emergency reserves to the market. The IEA stated that the situation in the Middle East has posed a "significant and escalating risk" to the oil market. These reserves will come from the mandatory reserves of IEA member countries. According to regulations, member countries must hold stocks equivalent to at least 90 days of net imports from the previous year. Reserves can be in the form of crude oil, refined products, or a combination of both. The latest IEA data shows that North Americas strategic reserves are primarily crude oil, while European and Asian member countries hold both crude oil and refined products. As of the end of 2025, the total amount of oil in IEA member countries public stocks will be 1.25 billion barrels, accounting for approximately 30% of the OECDs total oil stocks. This is the sixth time the IEA has issued an emergency reserve release order since its establishment in 1974.Gazprom: All attacks have been repelled.Gazprom: Drones attacked Russian gas pumping stations.Polish Central Bank Governor Grapinski: Poland has 570 tons of gold reserves.

NASDAQ, S&P 500, Dow Jones Analysis – NASDAQ Rallies As Meta Gains 28%

Jimmy Khan

Feb 03, 2023 15:22

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S&P 500

As Meta increased by 28% following the publication of the earnings report, the S&P 500 reached new heights. Although the company's revenue exceeded analyst expectations, its earnings missed them. Trades concentrated on the $40 billion buyback that Meta had announced.


The Initial Jobless Claims and Factory Orders figures were also available to dealers today.


Compared to the analyst consensus of 200,000, the initial Jobless Claims report showed that 183,000 Americans applied for unemployment benefits in a week. According to the report, the job market was still in a respectable state.


In December, factory orders grew by 1.8% month over month compared to analysts' expectations of 2.2% growth.

NASDAQ

NASDAQ increased as traders concentrated on the Meta stock's impressive performance. One may claim that the NASDAQ is ready to start a bull market since the index has increased by 20% from its December lows.


In today's trading session, Tesla, Amazon, and Alphabet are all up about 7% as investors rush to purchase mega cap stocks. Demand for tech stocks is high, and market sentiment is very bullish. Technically speaking, the chance of a retreat is rising since the RSI is in overbought zone.

Dow Jones,

Currently, Dow Jones is the least successful major index. The decline in healthcare stocks like UnitedHealth Group and Merck has a negative effect on Dow Jones' performance.


Medicare Advantage's projected reduced prices for 2024 are putting a lot of pressure on UnitedHealth Group. After the results report was released, Merck shares fell because the firm anticipates a fall in COVID-related revenues in 2023.

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