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The European Automobile Manufacturers Association (EADA) reported that Tesla (TSLA.O) rose to 2.5% market share in the EU, UK, and EFTA in May, and to 10.66% in the battery electric vehicle (BEV) market.The European Automobile Manufacturers Association (EADA) reported that Tesla (TSLA.O) saw a 152% increase in new car registrations in the EU in May.Malaysias Trade Minister: Malaysia faces a potential 10% tariff risk after July 24 due to allegations of forced labor.Major European and American stock index futures fell, with Nasdaq 100 futures down more than 1% and S&P 500 futures down 0.5%; Euro Stoxx 50 futures and German DAX futures fell 0.7% and UK FTSE futures fell 0.8%.On June 23, TA Securities analyst Shazma Juliana Abu Bakar stated in a report that the recent diesel subsidy reform in Malaysia is likely to have a negligible direct impact on inflation, as most eligible diesel users will continue to receive subsidized fuel, and logistics operators will also be protected. From July 1st, Malaysia will set diesel prices nationwide at market rates, allowing eligible citizens to purchase subsidized diesel at RM2.10 per liter. The analyst expects transportation costs and broader price pressures to remain manageable, noting that diesel accounts for only 0.2% of the Consumer Price Index (CPI). She added that the reform should help maintain household purchasing power, but its impact on overall consumption may be limited due to the relatively small beneficiary group. TA Securities maintains its 2026 inflation forecast for Malaysia at 2.1%-2.6% and GDP growth forecast at 4.3%-4.7%.

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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