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Japanese Minister of Economy, Trade and Industry Minoru Jonouchi: I will attend todays Bank of Japan policy meeting.1. US crude oil futures closed up 2.42% at $96.68 per barrel; Brent crude oil futures rose 2.86% to $101.97 per barrel. The US-Iran negotiations have reached a complete stalemate, oil transport through the Strait of Hormuz remains restricted, preventing large quantities of oil from entering the international market. Iranian crude oil exports have essentially halted, and rising expectations of Middle East production cuts have pushed up oil prices due to geopolitical risk premiums. 2. International precious metals futures generally closed lower. COMEX gold futures fell 0.91% to $4697.70 per ounce, and COMEX silver futures fell 1.25% to $75.46 per ounce. The market awaits policy signals from the Federal Reserves interest rate meeting, with a cautious sentiment. Although geopolitical risk aversion and central bank gold purchases supported prices, short-term policy expectations weighed on the market. 3. Most London base metals fell. LME nickel rose 0.66% to $19,140.0/ton, LME lead rose 0.05% to $1,963.5/ton, LME aluminum fell 0.50% to $3,573.0/ton, LME copper fell 0.62% to $13,226.5/ton, LME tin fell 1.77% to $49,440.0/ton, and LME zinc fell 2.23% to $3,395.0/ton. 4. The three major U.S. stock indexes closed mixed. The Dow Jones Industrial Average fell 0.13% to 49,167.79 points, the S&P 500 rose 0.12% to 7,173.91 points, and the Nasdaq Composite rose 0.2% to 24,887.1 points. The S&P 500 and Nasdaq both hit new closing highs. McDonalds fell more than 3%, and Walmart fell more than 1%, leading the Dow Jones decline. The Wind US Tech Giants Index rose 0.97%, with Nvidia up 4% and Google up over 1%. The Nasdaq China Golden Dragon Index fell 1.2%, with Atour and iQiyi both falling over 5%. Market focus remains on the stalled Iran peace talks and the situation in the Strait of Hormuz. The Federal Reserve will hold its monetary policy meeting this week, and several tech giants will release their earnings reports. European stock indices closed slightly lower: the German DAX fell 0.19% to 24083.53 points, the French CAC40 fell 0.19% to 8141.92 points, and the UK FTSE 100 fell 0.56% to 10321.09 points. Middle East geopolitical tensions pushed up oil prices, exacerbating inflation concerns; a decline in Eurozone PMIs indicated economic weakness; and rising risk aversion led to the stock market decline.Japans unemployment rate in March was 2.7%, below the expected 2.60% and the previous reading of 2.60%.Japans job opening to job seeker ratio was 1.18 in March, in line with expectations and down from 1.19 in the previous month.Japans March unemployment rate will be released in ten minutes.

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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