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On July 13, S&P Global Ratings stated in a report that if policy implementation improves, the Indonesian governments efforts to centralize resource and mineral sector management and curb tax revenue losses are expected to gradually boost national fiscal revenue and export earnings. The report noted that Indonesias current fiscal and external situation is relatively weak due to factors such as high energy prices, rising interest rates, a depreciating rupiah, policy uncertainty, and increasing debt, but this is a temporary phenomenon; these conditions should improve as commodity prices rise and government spending is reduced. S&P maintained Indonesias long-term sovereign credit rating at BBB and expects the Indonesian government to continue keeping the fiscal deficit within the statutory limit of 3% of GDP. S&P projects that despite strong first-quarter economic growth of 5.6%, Indonesias economic growth this year will be 5.1%, influenced by continued external uncertainty and rising domestic interest rates.European Commission: Approves Hungarys injection of 2 billion euros into the Hungarian Development Bank.July 13 - According to data released by regulators on Sunday, Nigeria, Africas largest oil producer, saw its crude oil production rise to its highest level in more than six years in June, thanks to stable operation of production facilities and improved pipeline reliability. Nigerias average daily crude oil production in June was 1.56 million barrels, exceeding its OPEC quota of 1.5 million barrels per day, achieving a compliance rate of 104%. Including condensate, which is not subject to OPEC quotas, Nigerias total oil production averaged 1.735 million barrels per day in June, up from 1.7 million barrels per day in May, marking the fourth consecutive month of growth. Junes crude oil production was the highest since April 2020, reaching a 74-month high. Data shows that stable operation of oil production assets and the absence of major pipeline disruptions helped maintain production continuity and crude oil exports.Meta Platforms (META.O): Expanding the computing capacity of its Richland Parish data center in Louisiana to 5 gigawatts. The expansion will involve an investment of over $1 billion in local infrastructure improvements.Meta Platforms (META.O): The data center expansion project is an investment of over $50 billion in the Richmond Parish area.

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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