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Chinese concept stocks returning to Hong Kong mostly declined, with BeiGene (06160.HK), Miniso (09896.HK), and Baidu (09888.HK) all falling by more than 3%, while Li Auto (02015.HK) and NetEase-S (09999.HK) fell by more than 2%.Kuala Lumpur fire department said the small fire at the Central Bank of Malaysia building has been extinguished.On May 15th, Delhi retailers revealed that India raised petrol and diesel prices by approximately 3 rupees per liter (about $0.03), marking the countrys first fuel price increase in four years. This move aims to offset some of the losses caused by soaring global oil prices. Global oil prices surged to over $120 per barrel due to the near closure of the Strait of Hormuz and severe shipping disruptions caused by the Iran-Iraq War, before falling back to around $100-$105 per barrel. Currently, diesel retails for 90.67 rupees per liter in Delhi, and petrol retails for 97.77 rupees per liter. The three state-owned enterprises—Indian Oil Corporation, Hindustan Petroleum Corporation, and Bharat Petroleum Corporation—collectively control over 90% of Indias more than 103,000 gas stations, and these three companies typically adjust diesel and petrol retail prices in tandem.Hong Kong-listed mainland property stocks rose, with Jinhui Holdings (09993.HK) surging over 33%, Ronshine China (03301.HK) rising over 11%, Country Garden (02007.HK) gaining over 3%, and Sunac China (01918.HK) and Sino-Ocean Group (03377.HK) both rising over 1%.According to Hong Kong Stock Exchange documents, Shandong Ande Medical Supplies Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange.

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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