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On September 5th, a new assessment report released by US intelligence agencies indicated that more than six months after the US military action against Iran, Iran has become "more confident" in its ability to strike US targets in the Middle East and appears determined to continue its confrontation with the US, at least until the US midterm elections in November. According to US sources on September 4th, several US officials, after reviewing the latest intelligence assessment report, disclosed that the report shows that after months of fighting, Iran has a clearer understanding of its own "military strength" and is more convinced of the importance of the Strait of Hormuz. It is understood that, currently, although Iran is under dual military and economic pressure from the US, there is no indication that Iran intends to reach any form of agreement with the US. If Iran is attacked again, its reaction may be similar to before, namely, retaliating against US military bases and other targets in the Middle East. Some US officials believe that Iran may be trying to delay the war at least until the US midterm elections in November, and that Iran believes the US military is unable to launch a large-scale strike due to depleted weapons stockpiles.September 5th - According to Daqing Oilfield, as of August 31st, the Maokou Formation in the Sichuan-Chongqing exploration area of Daqing Oilfield has produced a cumulative total of 1.001 billion cubic meters of natural gas in 2026, breaking the 1 billion cubic meter mark for the first time. This marks a significant leap forward in the large-scale and efficient development of this formation, further strengthening my countrys stable oil and gas supply and ensuring supply during the winter.September 5 - A Chinese citizen trapped in a landslide-stricken area of Rasuwa, northern Nepal, was rescued on September 5 local time.On September 5, International Atomic Energy Agency (IAEA) Director General Grossi announced that a partial ceasefire had been reinstated around the Zaporizhia nuclear power plant under IAEA mediation to facilitate repairs to damaged power lines and restore external power to the plant. The Zaporizhia plant lost connection to its last external power line on August 20 due to military activity and has since relied on emergency diesel generators to provide cooling power to its six reactors and spent fuel pool. The IAEA stated that the plants diesel reserves are dwindling, and if external power cannot be restored or more fuel cannot be delivered in time, the plant may face a complete power outage in the coming days. Under the temporary ceasefire, Ukrainian technicians will begin repairing the power lines after clearing mines from the affected area. IAEA personnel will monitor the repair process. Grossi stated that this is the seventh such temporary ceasefire he has brokered to reduce nuclear safety risks at the Zaporizhia plant since the start of the Russia-Ukraine conflict.The U.S. Geological Survey reported that a 4.4-magnitude earthquake struck 77 kilometers east-southeast of La Tirana, Chile, at a depth of 109.4 kilometers.

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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