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Goldman Sachs CEO Solomon: Mergers and acquisitions will have a significant multiplier effect.Federal Reserve Chairman Warsh attended a hearing before the House Financial Services Committee on the Federal Reserves semi-annual monetary policy report.Bank of America CEO Moynihan: Overall, the consumer situation is quite good.White House National Economic Council Director Hassett: We respect the independence of the Federal Reserve.On July 14th, Gong Zheng, Deputy Secretary of the Shanghai Municipal Committee and Mayor of Shanghai, chaired an executive meeting of the municipal government, demanding that, under the strong leadership of the Municipal Committee, all efforts be made to advance the preparatory tasks for the 2026 World Artificial Intelligence Conference and the High-Level Meeting on Global Governance of Artificial Intelligence; and to vigorously promote the green and low-carbon development of agriculture. The meeting pointed out that the World Artificial Intelligence Conference bears an important mission for the countrys international cooperation and exchange in the field of artificial intelligence. This years conference coincides with a crucial juncture in which global artificial intelligence is moving from "assistive tools" to "intelligent partners." Compared with previous conferences, it is larger in scale and higher in level. We must present the world with an international, high-end, professional, and youthful artificial intelligence event with the highest standards, best services, and the latest achievements. We must emphasize innovation leadership, enhance international influence, carefully plan the "first exhibition and debut," comprehensively showcase high-quality innovative achievements, allow cutting-edge ideas to exchange and integrate on the banks of the Huangpu River, and create a globally credible trendsetter for artificial intelligence technology.

S&P 500 Gains 4.5% As Traders Bet The Fed Will Raise Rates By 50 Bps In December

Skylar Shaw

Nov 11, 2022 16:51



As the inflation rate drops to 7.7%, tech stocks rise.


As a result of traders' reactions to the U.S. inflation reports, which showed that the inflation rate decreased from 8.2% in September to 7.7% in October, the S&P 500 is up 4.5%. The heavily tech-focused NASDAQ Composite is up 6%.


Data on inflation gave today's international markets a lot of assistance. Additionally, Fed officials gave stock market-friendly hints that the Fed would scale down rate increases.


The rise is being driven by tech stocks. Amazon and NVIDIA are up 12%. Tesla, Apple, and Microsoft are all up 6%.


As a less aggressive Fed policy would help the entire market, it is not surprising that the rally is widespread and that all market categories are increasing. As traders concentrate on riskier bets, consumer defensive stocks underperform the market.


The Michigan Consumer Sentiment report, which will be the focus of traders tomorrow, is anticipated to reveal a decline in consumer sentiment from 59.9 in October to 59.5 in December. Since today's surge has been so robust, traders will probably need a solid report to keep the recovery going. If Consumer Sentiment falls short of forecasts, traders may seek to lock in some profits before the weekend.


S&P 500 is currently probing the resistance at 3920 after managing to stabilize above the 3900 mark. RSI is still in the moderate range despite the strong rally, so there is still plenty of room for further upward momentum to develop should the proper catalysts materialize.


The S&P 500 will move toward the next resistance level at 3960 if it settles above the 3920 mark. A rise above this point will allow for the testing of the 4000 level resistance. The next resistance level at 4015 will be reached by the S&P 500 if it rises above 4000.


The S&P 500's closest support level is found at 3885 on the support side. The S&P 500 will move toward the next support at 3835 if it drops below this level. The S&P 500 may receive significant support in the 3815–3835 range because the 50 EMA is situated at 3815.

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