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On August 26, Liu Yulin, Director of the Information and Communication Development Department of the Ministry of Industry and Information Technology, said at a press conference held by the State Council Information Office on the theme of "Starting the 15th Five-Year Plan" that during the 15th Five-Year Plan period, efforts will be accelerated to tackle key 6G technologies, continuously carry out 6G technology trials and standard development, promote the maturity of the 6G industry and the construction of its ecosystem, and prepare for the commercial use of 6G.Several innovative drug and vaccine ETFs rose, with the Hang Seng Innovative Drug ETF (520500), the Hong Kong Stock Connect Innovative Drug ETF (159506), and the Vaccine ETF (562860) all rising by more than 4%.On August 26, the State Council Information Office held a press conference on the theme of "Starting the 15th Five-Year Plan," where officials from the Ministry of Industry and Information Technology introduced the progress made in implementing the 15th Five-Year Plan and accelerating the promotion of new industrialization. The press conference stated that during the 14th Five-Year Plan period, my countrys new industrialization continued to deepen and solidify, with a significant acceleration in the upgrading of industries towards "new, superior, intelligent, and green" development, successfully completing all the goals and tasks of the 14th Five-Year Plan.JERA, Japans largest power company, will invest in Emerald AI in the United States to advance energy solutions for artificial intelligence data centers.SK Innovations: A shareholders meeting is scheduled for next month to explain the SKIET merger plan.

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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