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Industry analyst Dorab Mistry: The outlook for edible oil prices remains uncertain as weak import demand offsets optimistic expectations for the biodiesel industry.On March 17th, Mitsubishi UFJ Morgan Stanley Securities stated in a report that despite tensions in the Middle East, the Bank of Japan may still raise interest rates at its April meeting. Analysts at the firm stated that during periods of inflation, central bank policy must shift its focus from supporting short-term economic sentiment to anchoring inflation expectations to ensure medium- to long-term economic stability. Given that geopolitical risks have become the new normal, stabilizing the yens exchange rate is becoming increasingly important for Japan, which heavily relies on raw material imports.Indonesias 7-day reverse repo rate as of March 17 was 4.75%, as expected and unchanged from the previous rate.The China Earthquake Networks Center officially reported that a magnitude 3.2 earthquake struck Yuli County, Bayingolin Mongol Autonomous Prefecture, Xinjiang, at 15:18 on March 17, with a focal depth of 13 kilometers.On March 17, Foreign Ministry Spokesperson Lin Jian held a regular press conference. When asked about the conflict between Afghanistan and Pakistan, Lin Jian stated that Afghanistan and Pakistan are neighbors that cannot be moved, and dialogue and negotiation are the only effective way to resolve the issues between the two countries. China hopes that both sides will remain calm and restrained, engage in face-to-face exchanges as soon as possible, achieve a ceasefire quickly, and resolve their differences through dialogue. China has urged Afghanistan and Pakistan to ensure the safety of Chinese personnel, projects, and institutions, and will continue to play a constructive role in easing tensions and improving relations between the two countries through its own channels.

S&P 500 Pulls Back As Amazon And Alphabet Test New Lows

Alice Wang

Nov 02, 2022 16:35

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As traders get ready for a key Fed decision, stocks decline.


Today's JOLTs Job Openings data topped forecasts, which kept the S&P 500 under pressure. As prospects for a less aggressive Fed evaporate, strong employment market data is negative for markets.


Additionally, it seems that traders sought to lock in some gains before tomorrow's publication of the Fed Interest Rate Decision.


The S&P 500 was under a lot of stress today due to the share sales at Amazon and Alphabet, while the Nasdaq Composite was pushed close to the 10900 mark. Although Meta was able to recover from multi-year lows, it is still unclear whether the company will be able to sustainably increase its price momentum in the next trading sessions.


Stocks of basic materials and energy surged up at the same time as the commodities markets generally recovered. Freeport-McMoran, the world's largest copper producer, increased by nearly 4%, while Baker Hughes, a provider of oil services, increased by more than 3%.


Investors are expected to pay close attention to AMD earnings in the post-market session. The company's $5.57 billion in sales and $0.67 per share in profits fell short of analyst expectations in all categories. AMD anticipates reporting sales in the range of $5.2 billion and $5.8 billion for the fourth quarter. Despite the sales projection for the next quarter implying no increase, the stock was able to pick up positive momentum and climb beyond the $61 barrier.


After the business presented its quarterly report, which showed that net bookings for the previous twelve months were $7.4 billion, up 4% on an annual basis, the shares of Electronic Arts fell by 2% in the post-market session. Due to the strong U.S. dollar, the business said that it anticipated a negative FX effect of around $200 million.

Strong Resistance Awaited S&P 500 Near 3915

The S&P 500 retreated into the 3860 level after failing to hold above the support at 3915. In recent trading sessions, the resistance at 3915 was put to the test many times, demonstrating its durability. If the S&P 500 is able to hold above this point, it will pick up speed and proceed upward into the next resistance level at 3960. A rise over this point will allow for the testing of the 4000 level resistance.


To continue its drop, the S&P 500 has to close below the support around the 50 EMA at 3835 on the support side. 3805 is where the next support level is situated. S&P 500 will move in the direction of the next support at 3760 if it drops below this level.

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