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On September 18th, Nick Timiraos, the "Federal Reserve mouthpiece," stated: "When the Federal Reserve cut interest rates on Wednesday, it superficially looked like a routine monetary policy operation. The market reaction was relatively muted, and Chairman Jerome Powell largely avoided the heated disagreements sparked by the decision, despite it occurring against the backdrop of unprecedented political confrontation." The policy shift initiated by Powells rate cut on Wednesday may represent his last effort to demonstrate that an independent US central bank remains capable of guiding the economy in a complex environment, rather than surrendering its independence before officials more aligned with President Trumps priorities gain greater control. Powells term as chairman will end next spring. For the third time in his tenure, Powell attempted an extremely delicate maneuver: cutting interest rates not because a recession is imminent, but to prevent one.Nick Timiraos, the "Federal Reserve mouthpiece": This is the third time under Powells leadership that the Fed has begun cutting interest rates without facing a significant economic downturn. But given the more difficult inflation situation and political factors (the White Houses confrontational nature), the stakes in 2019 and 2024 will be different than they are now.New York Times CEO: Trump is using an "anti-media strategy."The Federal Reserve cut interest rates by 25 basis points as expected. Why did gold prices briefly rise before retracing all gains? Has the actual impact of previous interest rate adjustments truly lived up to expectations? The Futures Focus Timeline provides a summary.Japanese Chief Cabinet Secretary Yoshimasa Hayashi: We are monitoring the impact of the US economic situation on Japan.

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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