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On March 8th, four sources familiar with the matter told Reuters that Saudi Arabia has informed Iran that while it supports a diplomatic solution to the conflict between Iran and the United States, it may take appropriate measures in response if Iran continues to attack Saudi Arabia and its energy sector. The sources revealed that two days prior, the Saudi Foreign Minister met with the Iranian Foreign Minister and clearly articulated Riyadhs position. The sources indicated that Saudi Arabia is willing to accept any mediation approach aimed at de-escalating the situation and reaching a solution through negotiations. They also emphasized that Riyadh and other Gulf states have never allowed the United States to use their airspace or territory to launch airstrikes against Iran.On March 8th, local time, on the evening of the 7th, Iranian Islamic Revolutionary Guard Corps spokesman Naini stated that in the first week after the outbreak of the conflict, the Iranian armed forces implemented a multi-layered offensive strategy. Statistics show that Iran conducted 600 missile strikes, using various types of solid and liquid-fueled ballistic missiles and cruise missiles. In addition, Iran conducted 2,600 drone operations. During these operations, more than 200 sensitive targets located at US military bases and key Israeli facilities were precisely targeted and destroyed. Naini emphasized that the scale of Iranian firepower projection in the first three days of the conflict was equivalent to the total firepower deployed during the entire "12-Day War." Naini also stated that 17 ships belonging to the United States, Israel, and their allies have been attacked.Local news agencies, citing sources from Irans oil ministry, reported that fuel depots in three regions, including Karaj, west of the capital Tehran, were attacked.Irans Supreme National Security Council Secretary Larijani: The United States is already mired in its own miscalculation.Irans Supreme National Security Council Secretary Larijani: Regional countries have realized that the United States can no longer guarantee their security.

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.