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On Friday, August 7, the Hang Seng Index opened down 3.63 points, or 0.01%, at 25,526.65; the Hang Seng Tech Index opened up 12.66 points, or 0.26%, at 4,833.44; the H-share Index opened up 9.3 points, or 0.11%, at 8,508.03; and the Red Chip Index opened up 5.53 points, or 0.13%, at 4,127.85.Hang Seng Index futures opened down 0.06% at 25,533 points, a premium of 3 points.Sources say Alibaba plans to seek revenue sharing for its next-generation open-source 1000 Questions AI model.The main contract for the container shipping index (European route) rose more than 2.00% intraday, currently trading at 1693.0 points.August 7th - According to the Financial Times, Washingtons sale of euros late last week to boost the yen caught the European Central Bank (ECB) off guard, with the US only informing the ECB after the historic currency intervention had taken place. Multiple sources revealed that the ECB only learned of the US sale of euros to buy yen after the transaction was executed on Friday. One source said that ECB President Christine Lagarde and US Treasury Secretary Bessant spoke about the intervention on Saturday. This lack of coordination highlights the unusual nature of this first joint US-Japan action to boost the yen in nearly 30 years. Conventionally, the US uses the dollar in such operations. Sources indicated that some senior ECB officials considered the US decision to use euros in the transaction an unprecedented violation of long-standing cooperation practices between Western monetary authorities. A person familiar with the discussions within European policymakers said the euro sale, carried out by the New York Federal Reserve on behalf of the US Treasury, was "very striking" and "regrettable."

S&P 500 Is Losing Ground As Tech Stocks Retreat

Cory Russell

Dec 28, 2022 14:39

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Tesla Pushes the Limits

As tech companies continue to face significant pressure, the S&P 500 is losing ground in today's trading session. The heavily tech-focused NASDAQ Composite is down 1%.


As bond speculators wager on more aggressiver Fed, Treasury rates are rising. Higher Treasury rates are negative for tech equities that are sensitive to yield.


Concerns about the demand for Tesla's vehicles are what are driving today's decline, as the stock is down 8%. According to recent estimates, used Tesla vehicle prices are rapidly declining, which is bad news for the industry's new car sales.


As traders pay attention to sluggish demand and escalating tensions with China, NVIDIA and other semiconductor companies have also been under intense pressure.


Energy stock prices are rising as WTI oil closed over the $80 mark. From February 1, 2023, Russia will no longer export oil to nations that take part in the price cap system, further supporting the oil market and equities that are tied to the oil industry.


Stocks of basic supplies are also among the best right now. Gold producer Newmont Corporation and copper producer Freeport-McMoRan are driving the recovery in this market category.