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The Hang Seng Index closed down 182.0 points, or 0.7%, at 25,716.76 on Thursday, March 12; the Hang Seng Tech Index closed down 27.21 points, or 0.54%, at 5,027.64; the H-share Index closed down 4.97 points, or 0.06%, at 8,699.55; and the Red Chip Index closed down 2.27 points, or 0.05%, at 4,349.32.China Passenger Car Association: Tesla exported 20,393 vehicles to China in February.Hong Kong stocks closed lower, with the Hang Seng Index down 0.7% and the Hang Seng Tech Index down 0.54%. Most tech stocks closed lower, with Bilibili (09626.HK), Trip.com-S (09961.HK), and Tencent Music (01698.HK) all falling by more than 2%.March 12th - OPPO plans to launch Claw, which, according to reports, can summarize and organize recorded phone conversations and collaborate with tablets across devices.On March 12, RBC Capital Markets stated that the risks to the Federal Reserves dual mandate—maximum employment and price stability—have both increased, but the institution still expects the Fed to remain on hold in 2026. The report stated, "We believe the recent energy price shock is not enough to put a rate hike on the agenda, but it may prompt the Fed to remain on the sidelines." The longer the energy price shock persists, the greater RBC Capital Markets concerns about downside risks to economic growth will be. "We believe the Fed will share this view." Looking ahead to 2027, as inflation more sustainably returns to its target level, RBC expects three 25-basis-point "normalization" rate cuts.

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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