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On February 11, two Democratic governors—Wes Moore of Maryland and Jared Polis of Colorado—announced that they had been removed from invitations to a White House dinner. The dinner was part of the National Governors Associations winter meeting, a bipartisan organization of 50 governors from across the country, originally scheduled to take place in Washington, D.C., from February 19-21. White House Press Secretary Levitt defended the event, stating, "This is the peoples house, and its the presidents house, so he can invite whoever he wants to the White House for dinners and events." The annual governors gathering is a rare bipartisan event in Washington, D.C., but Trumps decision to exclude Democrats from certain events has thrown the meeting into disarray. The National Governors Association stated that it will not assist in holding formal meetings at the presidential residence unless all governors are invited. On Tuesday, 18 Democratic governors also announced they would boycott dinners with Trump.February 11 – A Boeing (BA.N) executive stated at a conference north of Seattle that Boeing plans to increase monthly production of its core 737 family of aircraft to 63 aircraft within the next few years. Katie Ringgold, Boeings 737 program manager, said Tuesday at the Pacific Northwest Airlines Conference that the company has installed tooling to support the new 737 final assembly line in a traditional wide-body aircraft factory and is recruiting mechanics and engineers, preparing to begin production by mid-year. She indicated that production of the narrow-body aircraft should increase by approximately 15% over the next 18 months. Maintaining a steady recovery in 737 production is crucial for Boeing to turn around its financial situation and repay its debts; the aircraft is a key source of revenue for Boeing.Sources say Total Energy has acquired 100% ownership of the Zeeland refinery, which was previously co-owned by Russias Lukoil.According to Punchbowl: U.S. Treasury Secretary Bessent has postponed his meeting with Republican finance lawmakers.Boeing executives: Boeing 737 MAX suppliers should prepare for a 15% rate increase within the next 18 months.

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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