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Mercedes-Benz CFO: We expect car sales to reach 1.7 million units in 2026.July 28th - ING analysts Warren Patterson and Ewa Manthey noted that gold prices rose on Monday as a sharp drop in oil prices eased inflation concerns and pressured the dollar and US Treasury yields. Mondays sharp decline in oil prices eased inflation concerns and the prospect of further monetary tightening. This move followed the pause in hostilities between the US and Iran. Lower oil prices also pressured the dollar and US Treasury yields, improving the outlook for non-interest-bearing assets ahead of this weeks Federal Reserve meeting. The market is currently focused on the Federal Reserve and upcoming US inflation data for further guidance on the interest rate outlook. If yields remain subdued, gold prices should continue to find support near current levels. However, any hawkish surprises from the Federal Reserve could limit further upside potential in the near term.On July 28, Foreign Ministry Spokesperson Lin Jian held a regular press conference. Lin Jian stated that four months have passed since the illegal entry of Japanese Self-Defense Force officer Akihiro Murata with a knife into the Chinese Embassy in Japan. Despite repeated strong representations from China, the Japanese side has repeatedly delayed the investigation and handling of the case, using various pretexts such as so-called "mental evaluation," and has failed to promptly and severely punish the perpetrator. China expresses its strong dissatisfaction with this. Lin Jian pointed out that serious incidents threatening the security of Chinese embassies and consulates in Japan have continued to occur from time to time. "We once again urge the Japanese side to thoroughly investigate and rectify the situation, reflect on its mistakes, delve into the root causes, and provide a responsible explanation to China and the international community," Lin Jian said.On July 28, Foreign Ministry Spokesperson Lin Jian held a regular press conference. A reporter from The New York Times asked, "According to reports, the U.S. State Department plans to invest hundreds of millions of dollars to counterbalance Chinas growing influence in the Americas, Africa, and Asia. What is Chinas response to this?" Lin Jian stated that normal relations and cooperation between countries should not be targeted at any third party. China has consistently opposed the formation of closed and exclusive "small circles." Lin Jian emphasized that Chinas cooperation with relevant countries and regions, especially with developing countries, is not about courting or confronting anyone, but about jointly safeguarding world peace, promoting global development, maintaining international order, and jointly building a community with a shared future for mankind.July 28th Futures News: On July 28th, the Shanghai Futures Exchanges energy and chemical warehouse receipts and changes are as follows: 1. Pulp futures warehouse receipts: 338,646 tons, an increase of 8,264 tons compared to the previous trading day; 2. Pulp futures mill warehouse receipts: 20,000 tons, unchanged compared to the previous trading day; 3. Offset paper futures warehouse receipts: 2,758 tons, unchanged compared to the previous trading day; 4. Offset paper futures mill warehouse receipts: 6,600 tons, unchanged compared to the previous trading day; 5. Fuel oil futures warehouse receipts: 119 tons. 6. Petroleum asphalt futures warehouse receipts: 11,290 tons, unchanged from the previous trading day; 7. Petroleum asphalt futures factory warehouse receipts: 18,210 tons, unchanged from the previous trading day; 8. Medium-sulfur crude oil futures warehouse receipts: 2,961,000 barrels, unchanged from the previous trading day; 9. Low-sulfur fuel oil futures warehouse receipts: 0 tons, unchanged from the previous trading day; 10. Low-sulfur fuel oil futures factory warehouse receipts: 0 tons, unchanged from the previous trading day.

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.