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The U.S. State Department confirmed that 14 shadow fleet vessels are owned by entities involved in transporting Iranian oil and other products. It also imposed sanctions on 15 entities and two individuals involved in the trade of Iranian crude oil, petroleum products, or petrochemicals.Ukraines Energy Minister: Ukraine is providing natural gas storage facilities for storing U.S. liquefied natural gas supplies.The Ukrainian Energy Minister spoke with U.S. Energy Secretary Wright to discuss the transportation of U.S. liquefied natural gas.February 6th - A survey shows that U.S. consumer confidence improved slightly in early February despite lingering concerns about the labor market and rising living costs. The University of Michigan Consumer Survey showed the consumer confidence index rose to 57.3 this month, up from a final reading of 56.4 in January. Joanne Hsu, the surveys director, stated, "While the current confidence index is the highest since August 2025, the increases in recent months have been limited, and historically, overall confidence levels remain very low. The erosion of personal finances by high prices and concerns about rising unemployment risks remain widespread." Consumers inflation expectations for the next year fell to 3.5% this month from 4.0% in January; while their inflation expectations for the next five years rose to 3.4% from 3.3% last month.February 6th - BMO Capital Markets Chief Economist Douglas Porter stated that Canadas January jobs report was mixed for the economy, but overall leaned towards negative. Data showed a decrease of approximately 25,000 jobs, while the unemployment rate fell sharply to 6.5%. Porter noted that this report aligns with the assessment that the Canadian economy is simultaneously adapting to three structural changes: the shift towards protectionism in US trade policy, the rise of artificial intelligence, and slowing population growth. He stated that the latter two factors typically suggest the Bank of Canada should be inclined to cut interest rates, but he pointed out that Bank of Canada Governor Macklems remarks this week indicate that "a considerable push is still needed for the Bank of Canada to move out of its wait-and-see stance."

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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