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February 2nd - On February 2nd local time, DTEK, Ukraines largest private energy company, announced that, following instructions from the State Electricity Company of Ukraine, it had implemented emergency power outages in Kyiv and Kyiv Oblast.On February 2nd, Hengrui Medicine announced that in January 2026, the company repurchased 889,700 shares through the Shanghai Stock Exchange trading system via centralized bidding. The repurchased shares account for 0.013% of the companys total share capital. The highest purchase price was RMB 58.21 per share, and the lowest price was RMB 56.10 per share. The total amount paid was RMB 51,072,400 (excluding transaction fees).February 2nd - On February 2nd local time, the Iranian Foreign Ministry spokesperson stated regarding the EUs designation of the Iranian Islamic Revolutionary Guard Corps as a "terrorist organization" that, as a minimum measure, Iran has summoned all European ambassadors to Iran to lodge a written protest. EU High Representative for Foreign Affairs and Security Policy, Kalas, posted on social media on January 29th that the foreign ministers of EU member states had taken a "decisive step" that day, deciding to add the Iranian Islamic Revolutionary Guard Corps to the list of "terrorist organizations."February 2nd - The China Electricity Council released data today showing that by 2025, Chinas newly installed power generation capacity will reach 550 million kilowatts, of which wind and solar power will account for 440 million kilowatts, representing 80.2% of the total new installed capacity. Statistics show that wind, solar, and biomass power generation currently accounts for 97.1% of the total new electricity consumption, becoming the main source of new electricity consumption. my countrys green electricity supply capacity continues to strengthen, and the pace of green and low-carbon transformation of energy and power is accelerating.February 2nd - Hong Kong stocks opened lower and continued to weaken throughout the day. At the close, the Hang Seng Index fell 2.23%, and the Hang Seng Tech Index fell 3.36%. Gold stocks continued their sharp decline, with Shandong Gold (01787.HK) falling over 12%; copper mining stocks weakened, with Jiangxi Copper (00358.HK) falling over 8%; chip stocks led the decline, with Hua Hong Semiconductor (01347.HK) falling over 11% and GigaDevice (03986.HK) falling over 9%; new energy vehicle stocks continued their correction, with XPeng Motors (09868.HK) and BYD (01211.HK) both falling over 6%; in addition, mainland property stocks, biopharmaceuticals, coal, commercial aerospace, telecommunications services, and oil-related stocks also saw significant declines. In terms of individual stocks, MINIMAX-WP (00100.HK) rose more than 10%, China Telecom (00728.HK) fell more than 5%, and CNOOC (00883.HK) fell more than 4%.

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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