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On January 13th, Alibaba Cloud announced the completion of a further strategic investment in ZStack, achieving a controlling stake. According to reports, the two companies will leverage the "Apsara + ZStack" full-stack ecosystem to create an integrated cloud-edge solution.On January 13th, according to sources, U.S. Attorney Jeanne Piro of the District of Columbia issued a subpoena to the Federal Reserve without prior approval from her superiors at the Department of Justice and has no intention of halting the investigation into Jerome Powell due to external pressure. This investigation has drawn strong opposition from members of Congress, and even President Trump has publicly distanced himself from the matter. However, Piro, who was confirmed as a federal prosecutor just five months ago after transitioning from a Fox News host, still plans to continue the investigation. Current indications suggest that Piro is facing significant obstacles. U.S. media previously reported that Federal Housing Finance Agency Director Pulte was a key figure in pushing for the investigation of the Federal Reserve. However, Pulte stated on Monday that he was unaware of the subpoena. Representatives from Piros office and Attorney General Bondi declined to comment.On January 13th, the Ministry of Civil Affairs held a special press conference to introduce the "Several Measures on Cultivating Elderly Care Service Entities and Promoting the Development of the Silver Economy." Wang Bo, Deputy Director of the Department of Trade in Services of the Ministry of Commerce, stated at the conference that the Ministry will continue to create a favorable environment for opening up and cooperation. The Ministry of Commerce is actively promoting the national comprehensive pilot program for expanding the opening up of the service industry, encouraging pilot provinces and cities to explore related fields; and has revised and released the "Catalogue of Industries Encouraging Foreign Investment (2025 Edition)" with the National Development and Reform Commission, including encouraged categories such as "manufacturing of elderly products and related items." Going forward, the Ministry of Commerce will accelerate the national comprehensive pilot program for expanding the opening up of the service industry, continue to promote and interpret the new version of the "Catalogue of Industries Encouraging Foreign Investment," guide local governments to implement supporting measures, and guide more foreign investment towards the elderly care industry.On January 13th, the Ministry of Civil Affairs held a special press conference to introduce the "Several Measures on Cultivating Elderly Care Service Operators and Promoting the Development of the Silver Economy." Guo Hanqiao, Deputy Director of the Department of Aging Affairs of the Ministry of Civil Affairs, stated that the Ministry is actively promoting the inclusion of the development of the silver economy in relevant special plans, and, in conjunction with relevant departments, is studying and formulating support measures to promote the high-quality development of the silver economy, clarifying the main goals and key tasks for industrial development in the future. The focus is on sub-sectors such as elderly care services, rehabilitation assistive devices, and age-friendly products, proposing a series of targeted support measures to optimize the industrial layout, guide the orderly investment of social capital and technology, and promote industrial upgrading.January 13th - It is reported that, building on its local production in Europe and Southeast Asia in 2025, XPeng Motors plans to establish an independently operating overseas localized supply chain team in the European and ASEAN markets in 2026. This will support and deepen the layout and operation of overseas supply resources, improve supply chain response speed, and promote the implementation of its long-term strategy of "rooted in the local, local production, global supply".

NASDAQ, S&P 500, Dow Jones Analysis – Stocks Retreat Amid Profit-Taking

Alice Wang

Jan 31, 2023 16:49

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S&P 500

S&P 500 retreats as traders take some profits off the table ahead of the Fed meeting.


Today, traders focused on Dallas Fed Manufacturing Index report, which exceeded analyst expectations but did not provide any support to stocks.


Today’s pullback is broad, and all market segments are moving lower. Consumer Defensive and Utilities stocks outperform as traders search for safe-haven assets.

The sell-off is led by tech stocks. These stocks showed strong performance in recent trading sessions so it’s not surprising to see that traders want to take some money off the table ahead of the Fed decision, which will be released on Wednesday.


From the technical point of view, S&P 500 failed to settle above the important resistance level at 4100. Most likely, S&P 500 will not be able to get above the key resistance ahead of the Fed decision.

NASDAQ

NASDAQ is under strong pressure today as tech stocks retreat. NVIDIA, which had a great start of the year, is down by 4.5% in today’s trading session.


Other big tech stocks like Microsoft and Meta are also losing ground as traders take profits after the recent moves.

Dow Jones

Dow Jones is also moving lower today. The pullback is led by Johnson & Johnson


 stock, which is down by more than 3% as the court ruled that the company could not use the bankruptcy of its unit to resolve talc lawsuits.


Meanwhile, Chevron is down by 2.4% as traders continue to take profits near all-time highs and react to the pullback in the oil markets.