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On July 11th, reports surfaced that Tencent is in talks to become the largest shareholder of Manus, a general AI agent company. According to the report, a Chinese capital consortium led by Tencent is reportedly repurchasing all of Manuss shares from Meta at a valuation of approximately $2 billion. When contacted for confirmation, Tencent had not yet responded at press time. Sources familiar with the matter also revealed that Tencent will retain a minority shareholder position after the transaction, but will not hold a controlling stake.Russian authorities in Rostov said the fires at two oil depots in the region have been extinguished.According to RIA Novosti, Ukrainian forces launched 41 attacks on Russias Belgorod region in one day, and 47 drones were intercepted.On July 11, the Ukrainian Presidential Office announced on the 10th that President Zelenskyy had signed a decree to establish a special command and a joint rapid reaction force. In a video address, Zelenskyy stated that a special command would be established within the Ukrainian Armed Forces to specifically handle long-range strike operations against Russia. This command would concentrate all available resources to further weaken Russias combat capabilities. He also said that existing assault forces would be reformed to form a modern, technology-driven joint rapid reaction force. This force would combine assault troops, artillery units, and unmanned combat capabilities to ensure rapid response on the front lines. He has appointed Brigadier General Dmytro Voloshin to lead this force. Zelenskyy also posted on social media that day that due to production constraints on the US Patriot air defense system and the European new-generation SAMP-T surface-to-air missile system, Ukraine would develop its own domestic air defense and anti-missile system.According to Saudi media Hadas, there are unconfirmed reports of loud explosions heard near Bakhdasht and Barshiin in Iran.

S&P 500, Nasdaq 100 Choppy on Thin Trading Volume with Europe Closed

Cory Russell

Apr 19, 2022 10:46


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Early on Monday, US market indexes were jittery as traders braced for a busy week of corporate reports. With most European markets closed for the Easter vacation on Monday, activity has been light, creating the ideal conditions for volatility. Bank of America surpassed quarterly estimates before the market opened, following in the footsteps of other Wall Street firms that reported last week.


China's GDP statistics was revealed overnight, and it again above expectations, much to the surprise of many. China has recently been in the news, as a number of big cities remain under lockdown as Covid spreads rapidly.


Netflix, Tesla, and Snapchat are among the companies reporting results this week. As a variety of variables continue to undermine GDP and inflation projections, sentiment remains low coming into this results season. A good results quarter ahead of the May FOMC meeting might provide some relief to battered US equities indexes.


As market investors comprehend the reality of tighter monetary policy, the S&P 500 (ES) continues to trend downward. Remember, the adage "don't fight the Fed" applies in both directions. Despite the general downward trend, there have been several actionable possibilities in recent weeks. ES bounced hard off the 4360 level overnight, eventually hitting resistance around the 4404 level, which served as a crucial pivot point last week. If we retest the overnight lows at 4355, we might see a fast test of 4340. Unless bulls can break the trend and target the 4440-444 zone again, bears may maintain control of the market.

NASDAQ 100 FUTURES 4 HOUR CHART

The Nasdaq 100 futures (NQ) are also on the decline, as rising US Treasury rates put downward pressure on growth company values. NQ has reverted to trend after breaching the 14000 level early in the NY session. As we approach a week of Fedspeak and important tech results, the market remains weak. As we prepare for the majority of forthcoming FAANG results, traders will be concentrating on Netflix and Tesla. We may see a retest of the overnight lows around 13729 now that NQ has been firmly rejected above 14000. Current patterns suggest that, like the S&P 500, cheaper prices are on the way. Traders may choose to reload longs around the 13100 level, which served as a launch pad for March's strong rally.

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