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On September 11, according to CBS News, US President Trump proposed a "Trump bonus" of $5,000 to every American citizen if the Republican Party retains control of the House and Senate after the midterm elections. The day after proposing the idea, when asked by reporters whether the money would require congressional approval, Trump stated, "Well, we dont think so. If they really needed it, they certainly would, but we dont think its necessary. The country is doing very well right now, and weve earned trillions of dollars through tariffs and other means. Today, the total amount of manufacturing plant construction and other investments in the United States exceeds $20 trillion, a scale far exceeding any previous period. We think this is a good thing. However, we have a condition: the money must be spent domestically—we dont want this money flowing to other countries. We think this is a very good initiative, very popular, and will inject strong momentum into the economy."According to the Wall Street Journal, the Pentagon is in talks to provide a loan of approximately $5 billion to AI cloud computing startup FluidStack to strengthen the U.S. data center supply chain.U.S. Treasury Secretary Bessenter: We have the best-performing bond market in the world.US Treasury Secretary Bessenter: Sanctions will be imposed on a major bank next Monday.According to Iranian media Fars News, the Houthi rebels in Yemen launched missile attacks on positions and gathering points in the Ras al-Arah region, south of the Bab el-Mandeb Strait.

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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