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June 7th - According to CNBC, citing three OPEC+ sources, OPEC+ will agree on Sunday to raise its oil production targets for the fourth time in just a few months, despite the ongoing conflict between the US and Iran hindering several member countries from increasing oil production. The seven core OPEC+ members increased their production quotas by nearly 600,000 barrels per day between April and June. In fact, the organizations production has already declined significantly due to export cuts by Gulf members. According to OPEC data, average production in April was 33.19 million barrels per day, down from 42.77 million barrels per day in February. Sources say the seven members are likely to decide on Sunday to raise their production targets by approximately 188,000 barrels per day starting in July, the same increase as in June.June 7 – From June 5 to 7, a delegation of Chinese entrepreneurs organized by the China Council for the Promotion of International Trade (CCPIT) visited Belarus to further implement the important consensus reached by the two heads of state, strengthen practical cooperation between China and Belarus, and promote the continued high-level development of the all-weather comprehensive strategic partnership between the two countries. During the visit, the CCPIT, together with the China-Belarus Industrial Park and the Belarusian National Agency for Investment and Privatization, co-hosted the China-Belarus Industrial and Investment Cooperation Forum in Minsk. Vice President Han Zheng attended and delivered a speech, along with Belarusian First Deputy Prime Minister Snopkov and Belarusian Minister of Economy Chebotali. More than 400 representatives from the political and business sectors of both countries participated in the forum. Enterprises from both sides focused on in-depth exchanges and negotiations in areas such as agriculture, high-end equipment manufacturing, pharmaceuticals and healthcare, artificial intelligence, new materials, and digital technology, achieving several results. CCPIT Chairman Ren Hongbin presided over the opening ceremony.According to NEWSIS, a private South Korean news agency, Nvidia (NVDA.O) CEO Jensen Huang and SK Group Chairman Chey Tae-won will announce a collaboration plan on Monday.The China Earthquake Networks Center officially reported that a magnitude 6.0 earthquake struck the Kuril Islands at 18:41 on June 7, with a focal depth of 30 kilometers.Invesco Great Wall Global Chip LOF (501225): This fund will be suspended from trading starting from the opening of the market on June 8, 2026, and will resume trading at 10:30 on the same day. During the suspension period, the redemption business of this fund will continue as usual.

S&P 500 Rebounds As Tech Stocks Rally

Skylar Shaw

Dec 30, 2022 15:35


Stocks Rise Following Yesterday's Sell

As tech companies resumed upward momentum, the S&P 500 rallied in the direction of the barrier at 3860. The NASDAQ Composite, which is heavily weighted toward technology, increased 2.6% today.


Tax-loss selling most certainly caused yesterday's decline. Because deals take longer to settle, December 28 was the last day for tax-loss harvesting. Speculative traders took advantage of the fact that tax-loss sellers were not present today to drive stock prices upward.


The Initial Jobless Claims data, which matched analyst expectations, may have given markets further boost.


The recovery today is widespread, and all market categories are heading upward. Tech companies, which are making gains as Treasury rates retreat from recent highs, are driving the recovery.


Tesla, which was able to escape its annual lows, is among the notable gainers. The price of Tesla shares has increased by more than 5% so far today. Ford and General Motors were able to develop significant upward momentum as well.


Interestingly, despite declines in the oil and natural gas markets, energy equities are also rising. The market is in a positive mindset, and traders are eager to purchase equities across all industries. It should be mentioned that the trading volume is low since many traders have departed for holiday.


Traders who are more long-term oriented should not pay too much attention to market movements in the last weeks of the year.