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On September 12, Li Qingshuang, Vice Chairman of the China Council for the Promotion of International Trade (CCPIT), led a delegation of Chinese entrepreneurs to India to attend the BRICS Business Forum. During the visit, they met with representatives from relevant institutions and enterprises to promote multilateral and bilateral exchanges and cooperation. During his trip, Li Qingshuang met with Ghosn Ghosn, President of the Federation of Indian Chambers of Commerce and Industry; Badalko, Vice President of the Russian Chamber of Commerce and Industry; Mabuza, Chairman of the South African Council of the BRICS Business Council; and Bakri, Chairman of the Indonesian Chamber of Commerce and Industry and Chairman of the Indonesian BRICS Business Council, among others. They engaged in dialogue and exchanges on jointly upholding the multilateral trading system, facilitating trade among BRICS countries, and promoting practical cooperation in the supply chain.Saudi Civil Defense: The danger alert for Shahrouh has been lifted.Conflict Updates: 1. Israeli military says it will not withdraw from the "yellow line" in Lebanon. 2. Houthi rebels claim Saudi airstrikes on Muha Airport in Yemen. 3. Saudi Ministry of Energy says East-West oil pipeline temporarily shut down after attack. 4. Houthi rebels issue statement on military action against Saudi Arabia. 5. British Maritime Authority: Unidentified flying objects hit two ships west of Oman. 6. Yemeni government forces: Our air defense system shot down five Houthi drones. 7. According to Israels Channel 12: Iran has launched drones at ships in the Strait of Hormuz. 8. AFP: Houthi rebels have gained control of the Bab el-Mandeb Strait after seizing strategic locations in the Red Sea. 9. According to Fox News: US forces are preparing for nighttime operations amid escalating tensions with Iran. 10. Turkish diplomatic sources: Turkish and Saudi foreign ministers discussed the regional situation and attacks on Saudi Arabia in a phone call. 11. Iraqi Prime Ministers Office: Investigation confirms drone attacks against Saudi Arabia originated from Iraq. 12. The Saudi Foreign Ministry stated that, at the request of the Iraqi Prime Minister, Saudi Arabia has decided not to take retaliatory action at this stage. 13. The Iraqi Prime Minister has ordered an investigation into the circumstances surrounding the attack and the parties behind it, and will cooperate with allies and friends to prevent similar attacks from happening again. Strait of Hormuz 1. The Iranian Foreign Ministry confirmed that a regional meeting of Gulf states will be held next Monday, with media reports suggesting it will push for an agreement on the Strait of Hormuz. 2. Ship traffic in the Strait of Hormuz dropped to 7 vessels on Thursday, down from 11 the previous day and far below the 15-vehicle average of the past 10 days. Other Matters 1. The Houthi rebels, after seizing control of the port of Muha, announced the resumption of operations and will offer shipping fee reductions. 2. The Saudi Prime Minister twice called the US urging it to combat the Houthis, but Trump refused both times. 3. Dubai airport operators plan to relocate fuel storage facilities underground to mitigate the risk of attacks. 4. According to Iranian media Fars News: An Iranian Foreign Ministry spokesperson stated that Saudi Arabia, Japan, and Jordan will face consequences for supporting the IAEA resolution targeting Iran. 5. Two security sources said Iraq has ordered the closure of the Sharamchech border crossing between Iraq and Iran as a precautionary measure following recent attacks on Saudi Arabia. 6. Pakistani sources: The Iranian Foreign Minister and the Pakistani military chief discussed ways to resume diplomatic efforts to de-escalate the conflict on all fronts. The talks focused on the US-Iran war, the possibility of returning to negotiations, and the Houthi attacks on Saudi Arabia.Saudi Civil Defense: An early warning has been issued in Shahrouh to alert people to potential dangers.On September 12, President Xi Jinping traveled to New Delhi by special plane to attend the 18th BRICS Summit at the invitation of Indian Prime Minister Narendra Modi. Accompanying Xi were Cai Qi, member of the Standing Committee of the Political Bureau of the CPC Central Committee and Director of the General Office of the CPC Central Committee; Wang Yi, member of the Political Bureau of the CPC Central Committee and Minister of Foreign Affairs; and others.

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.