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On April 30th, a United Airlines pilot reported that his plane collided with a small object, suspected to be a drone, during landing on April 29th. Fortunately, no one was injured. The pilot was flying a Boeing 737, flight number 1980, from San Francisco, California to San Diego on the 29th. The incident occurred at approximately 8:30 AM local time, about 90 minutes into the flight, as the plane prepared for landing at an altitude of approximately 900 meters. There were 48 passengers and 6 crew members on board.The U.S. House of Representatives approved a Republican plan that paves the way for $70 billion in funding for Immigration and Customs Enforcement and the Border Patrol.On April 30th, at the 9th Digital China Summit on the afternoon of the 29th, the State-owned Assets Supervision and Administration Commission of the State Council (SASAC) released ten digital technology achievements of central enterprises. The event highlighted ten achievements, including the "Starry Sky Model" and the "Port Digital Twin Intelligent Agent Simulation Decision-Making Platform," showcasing the new breakthroughs made by central enterprises in key areas such as industrial software, core electronic components, and artificial intelligence.On April 30, a ruling filed on April 28 by a judge of the U.S. Court of International Trade indicated that the first batch of refunds for tariffs imposed by the U.S. government under the International Emergency Economic Powers Act (IEEPA) will be disbursed around May 11. The ruling shows that approximately 21% of imported goods subject to tariffs under IEPA have already gone through a new approval process by U.S. Customs and Border Protection and are eligible for tariff refunds.Samsung Electronics: We are conducting a preliminary review of our plans to build a second factory in Taylor, Texas.

S&P 500 Facing More Selling Pressure from Fed Tightening

Skylar Shaw

Jun 20, 2022 14:34

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After a dramatic loss the previous day, September E-mini S&P 500 Index futures closed higher on Friday in a tumultuous session, with the benchmark index swinging back and forth over the break-even line.


The "quadruple witching," which refers to the simultaneous expiry of stock index futures, single-stock futures, stock options, and stock index options, increased market volatility.


The September E-mini S&P 500 Index closed at 3675.75 on Friday, up 4.50 points or 0.12%. The SPDR S&P 500 Trust ETF (SPY) finished the day at $365.84, up $0.77 or 0.21 percent.


Leading Indicators and Industrial Production Weaken


In economic news from the United States, the Federal Reserve issued a report indicating that industrial output rose less than predicted in May. The Conference Board's rating on main U.S. economic indicators continued to fall last month, according to a separate analysis.

More Negative Effects Are More Likely

Despite the fact that economic data was poorer than expected, there was nothing in the reports to indicate a recession was on the horizon or to prevent the Federal Reserve from continuing to tighten policy.


On Friday, Fed Chair Jerome Powell said that the central bank is committed to bringing inflation to its target of 2%. This effectively indicates that higher interest rates are on the way.