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Sources say Russia’s largest oil refinery, the Omsk refinery, has suspended operations following a drone attack on Monday.July 7th - Robert Kavcic, an economist at BMO Capital Markets, stated that Canada has clearly emerged from two consecutive quarters of sluggish GDP growth, with a strong recovery in net trade, partly driven by rising oil prices. According to Statistics Canadas May trade report, exports rose 0.9%, a robust 26% increase year-over-year. Energy sales accounted for the majority of the growth. Despite weak sales in May, Kavcic expects net trade to still provide a meaningful boost to second-quarter growth, contributing up to 2.0 percentage points.On July 7th, Wang Weizhong, Secretary of the Inner Mongolia Autonomous Region Party Committee and Chairman of the Standing Committee of the Peoples Congress, and Bao Gang, Deputy Secretary of the Inner Mongolia Autonomous Region Party Committee and Chairman of the Inner Mongolia Autonomous Region Peoples Government, met with Sha Yan, Secretary of the Party Committee and Chairman of the Board of Directors of the Shenzhen Stock Exchange, in Hohhot. Sha Yan stated that the Shenzhen Stock Exchange will fully leverage its advantages to continuously strengthen practical cooperation with Inner Mongolia in areas such as cultivating high-quality listed companies, facilitating corporate financing channels, promoting the growth of listed companies, and bond issuance. The Shenzhen Stock Exchange will utilize the multi-tiered capital market to help the autonomous region develop its distinctive and advantageous industries, including modern coal chemical industry, new energy, computing power, and modern agriculture and animal husbandry, enabling more high-quality enterprises to leverage the capital market to grow stronger and larger, and making greater contributions to the high-quality economic and social development of the entire region.The Moscow refinery in Russia has resumed oil processing.U.S. stocks opened lower and continued to decline, with the Nasdaq 100 index falling more than 2%, the Philadelphia Semiconductor Index falling more than 6%, and SanDisk (SNDK.O) and Western Digital (WDC.O) both down more than 10%.

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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