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The Dow Jones Industrial Average closed down 700.75 points, or 1.31%, at 52,762.30 on Thursday, August 20; the S&P 500 closed down 66.42 points, or 0.86%, at 7,641.56; and the Nasdaq Composite closed down 263.92 points, or 1.00%, at 26,067.17 on Thursday, August 20.August 21st - U.S. stocks closed lower on Thursday. The Dow Jones Industrial Average fell 1.3%, the S&P 500 fell 0.86%, and the Nasdaq Composite fell 1%. Moderna (MRNA.O) fell 23.5%, and Walmart (WMT.N) fell 9%. Marvell Technology Group (MRVL.O) rose 5.8%, Micron Technology (MU.O) rose about 4%, and SanDisk (SNDK.O) rose about 2%. The Nasdaq China Golden Dragon Index closed down more than 1%, while Alibaba (BABA.N) rose 1.3%.Cuban Foreign Minister: The United States continues to impose sanctions on Cuban companies in an attempt to cripple the Cuban economy and hinder the Cuban government from providing basic services to its citizens, which were already in a difficult situation due to the long-term blockade.On August 21st, it was reported that the USS Abraham Lincoln, a nuclear-powered aircraft carrier, began its return voyage on August 20th, according to a source. Previously, the USS George Washington had arrived in the Middle East to alleviate the pressure from the Lincolns long deployment. However, a US official stated that the Lincoln remains in the US Navys Fifth Fleet area of operations, meaning it has not yet left the US Central Commands area of responsibility. The Lincoln was deployed to the Middle East in January of this year to participate in US military operations against Iran and the US naval blockade of Iran, and has been deployed for over 250 days. Recently, reports have surfaced regarding living conditions and mental health issues among the sailors on the Lincoln due to the high-intensity operational pace and long deployment.According to the relevant ruling: The U.S. Court of Appeals rejected the Department of Transportations request to terminate the joint venture between Delta Air Lines (DAL.N) and Aeromexico.

S&P 500 Rebounds From Session Lows As Energy Stocks Rally

Jimmy Khan

Nov 04, 2022 16:57

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As major tech companies hit new lows, the NASDAQ Composite seeks to settle below the 10,700 mark.

Big Tech Stocks Continue to Be Under Stress

As traders responded to the ISM Non-Manufacturing PMI data, which fell short of analyst forecasts, the S&P 500 recovered from session lows.


Energy stocks took the lead in the recovery from session lows today due to robust support. In today's trading session, ConocoPhillips, APA Corporation, and Marathon Oil all saw gains of 6–7%.


ConocoPhillips had significant price appreciation after exceeding analyst expectations, boosting the dividend, and expanding its share repurchase program by $20 billion.


Despite missing analyst profit expectations, Etsy increased by 14%. The firm gave a positive prognosis for the last quarter of this year, which caused the stock to rise.


Booking increased by 5% with the release of the $6.05 billion in sales and the higher-than-expected adjusted profits of $53.03 per share.


Fidelity National Information Services, which was down 25% following the publication of its quarterly report, was under a lot of pressure due to weak guidance.


Leading tech companies including Apple, Alphabet, and Amazon had declines of 2% to 3%. Meta Platforms, meanwhile, tested fresh lows at $88.50.


If the mega cap companies continue to experience pressure, the whole market will not be able to develop a sustained upward trend. Traders are nonetheless concerned that rising interest rates may harm the bottom lines of powerful corporations.


While the IT industry leaders seemed unstoppable during the coronavirus crisis, their stocks were under a lot of pressure from rising interest rates, a stronger currency, and a slowing global economy. Traders should continue to watch the large tech stocks' movements for hints regarding the S&P 500's future course.

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