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On January 28th, the Guangzhou Municipal Government Information Office held a press conference this morning for the "Guangzhou Goods Go Global" Spring Campaign (the 6th press conference of 2026). At the conference, Wu Bingxiang, Deputy Director of the Guangzhou Municipal Bureau of Commerce, stated that the city will distribute 50 million yuan in government-issued catering vouchers in multiple rounds around the Spring Festival, and leverage financial institutions such as Guangdong UnionPay and platforms like Meituan and Douyin to launch more commercial coupons, providing local residents and tourists visiting Guangzhou for the Spring Festival with tangible food discounts. Wu Bingxiang added that this year, the city will continue to leverage both online and offline channels to build a nationwide distribution network for Guangzhou goods that is fully covered and seamlessly integrated: "This year, taking the 2026 National Online New Years Goods Festival Guangzhou Special as a starting point, we will mobilize e-commerce platforms such as Vipshop, JD.com, and Taotian to precisely connect with brand merchants to meet holiday demand. Through enriching the supply categories, increasing discounts, and innovating the consumer experience, we will continuously boost the online consumption atmosphere, allowing people across the country to purchase high-quality Guangzhou goods without leaving home."Kazakhstans Energy Minister: Due to the decline in oil production, Kazakhstan is likely to meet OPEC+ production quota requirements.JERA CEO: India has huge potential to import liquefied natural gas over the next decade.On January 28th, at a press conference held this morning during the Fifth Session of the 14th Guangdong Provincial Peoples Congress, Sun Zhiyang stated that the province will strengthen financial support. It has already established and is operating industry funds such as the Artificial Intelligence Industry Investment Fund and the Aerospace Industry Investment Fund, amplifying the effectiveness of industrial investment, venture capital, and angel investment funds to form an investment fund matrix covering the entire lifecycle, the entire industrial system, and multiple levels of linkage. Regarding digital and intelligent integration, the province will leverage the advantages of the wide coverage of 5G base station networks and 5G-A integrated sensing base stations to create a low-altitude intelligent network integrating communication, navigation, surveillance, and computing power. This will promote the interconnection of aerospace data with traditional manufacturing production data and urban governance data, striving to drive technological transformation and digital transformation in more than 1,000 industrial enterprises by 2026.On January 28th, at a press conference held this morning during the Fifth Session of the 14th Guangdong Provincial Peoples Congress, Sun Zhiyang introduced that in the field of low-altitude economy, Guangzhou will plan to build a comprehensive major scenario with a fully unmanned system, promote the iterative upgrading and normalized commercial operation of application scenarios such as air traffic, low-altitude logistics, cultural tourism experience, and emergency rescue; and focus on the implementation of the eVTOL business model to create clusters such as flight camps, set up vertical take-off and landing points in iconic areas such as Guangzhou Tower and Baiyun Mountain, and launch the "See Guangzhou from the Air" product, so that the low-altitude economy can serve the lives of citizens and the economic and social development.

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.