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On September 4th, according to Al Jazeera, US Treasury Secretary Bessenter stated that the European Union has formally joined the US in its economic pressure campaign against Iran. Bessenter wrote that Washington "appreciates its strong and timely stance." He stated, "The United States stands firmly with its allies to ensure that the Iranian regime cannot use the global financial system to finance its nuclear ambitions, weapons programs, and terrorist proxies." "The world is sending a clear message to the Iranian regime: we will spare no effort until all its remaining financial lifelines are severed." At the end of last month, the EU stated in a statement that it would "work closely with the United States, other G7 members, and international partners to continue to pressure Iran and is committed to de-escalation and maintaining regional stability."On September 4th, 2026, Yue Xiuhu, member of the Party Leadership Group and Vice Chairman of the National Development and Reform Commission (NDRC), chaired a meeting to advance the construction of major projects outlined in the 15th Five-Year Plan. The meeting reviewed the progress of 109 major projects, accelerated the implementation of ongoing projects, promoted the early commencement of a number of new projects, further strengthened resource guarantees, and solidified responsibilities for project quality and safety management. The aim was to form a joint force to promote the construction of major projects and provide strong support for a good start to the 15th Five-Year Plan. Representatives from the Ministry of Education, the Ministry of Science and Technology, the Ministry of Industry and Information Technology, the Ministry of Ecology and Environment, the Ministry of Transport, the Ministry of Water Resources, and the Ministry of Agriculture and Rural Affairs delivered speeches. Officials from relevant departments of the NDRC, the Ministry of Civil Affairs, the Ministry of Natural Resources, the Ministry of Housing and Urban-Rural Development, the National Health Commission, the National Energy Administration, and the National Data Administration attended the meeting.On September 4, 2026, Ding Xuexiang, member of the Standing Committee of the Political Bureau of the CPC Central Committee and Vice Premier of the State Council, attended the plenary session of the 11th Eastern Economic Forum in Vladivostok, Russia, and delivered a speech entitled "Deepening China-Russia Regional Cooperation and Enhancing the Well-being of the People of Both Countries." Ding Xuexiang emphasized that facing a complex and challenging external environment, Chinas economy has maintained overall stability this year, showing a trend of new growth drivers and optimized structure, demonstrating strong resilience and vitality. We have the confidence, ability, and conditions to maintain stable and healthy economic development and achieve a good start to the 15th Five-Year Plan. China is committed to expanding high-level opening-up and welcomes enterprises from all countries to continue investing in and deepening their presence in China, achieving better development for themselves in the process of Chinese-style modernization, and making greater contributions to regional and global prosperity and stability.The main liquefied petroleum gas (LPG) contract surged 4.00% intraday, currently trading at 6580.00 yuan/ton.At the opening of the morning session, most domestic futures contracts rose, with palladium and liquefied petroleum gas (LPG) up over 3%, silver up nearly 3%, ferrosilicon, platinum, gold, and benzene up over 2%, styrene (EB) up nearly 2%, and alumina and propylene up over 1%. On the downside, lithium carbonate and SC crude oil fell nearly 2%, low-sulfur fuel oil (LU) and polysilicon fell over 1%, and container shipping to Europe and rapeseed oil fell nearly 1%.

S&P 500 Pulls Back From Session Highs As Apple Tests Weekly Lows

Cory Russell

Nov 07, 2022 15:23


Apple drives the S&P 500 to weekly lows

As the unemployment rate jumped from 3.5% in September to 3.7% in October, the S&P 500 gained support at the start of today's trading session. Traders were eager to wager that the Fed would become less hawkish as the unemployment rate rose. S&P 500, however, immediately lost impetus and went in the direction of the 3725 level support.


While the sell-off was still going on, Apple dropped below the $135 mark. The S&P 500 recently came under significant pressure due to the sharp decline in Apple stock. Tesla meanwhile drew nearer to its yearly lows.


PayPal experienced a 5% decline following the release of subpar fourth quarter guidance. The company anticipates that lower consumer spending will have an impact on its earnings, which is negative for the stock.


Ahead of the weekend, basic commodities equities have significant support, while tech companies are generally trending lower. Commodity markets are rising today on expectations that China may ease its zero-COVID policy. Freeport-McMoRan, the largest copper producer, increased 10% as copper prices rose above $3.60. As gold prices rose above the $1670 mark, gold producer Newmont Corporation saw a 7% increase.


The S&P 500 was under a lot of pressure this week despite gains in energy and basic commodities companies due to the sharp sell-off in tech shares. If the top technology stocks continue to decline, the market as a whole will not be able to recover.

Strong Resistance Awaited S&P 500 Near The 50 EMA

The S&P 500 keeps trying to close below the 3725 support level. The S&P 500 will go toward support at 3690 if it is able to settle below this point. The S&P 500 will be pushed toward the support at 3650 if the support at 3690 is successfully tested. If the S&P 500 falls below this mark, it will move in the direction of the next support at 3625.


To the upside, the S&P 500 must continue to trade above the level of 3725 in order to have a chance of gaining upward momentum soon. The S&P 500's subsequent resistance level is at 3760. The next resistance at 3805 can be tested if the test of the resistance at 3760 is successful. Since the 50 EMA is close by, the S&P 500 will probably encounter significant resistance between 3805 and 3815.

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