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On September 21st, Tomo Kinoshita, a strategist at Invesco Asset Management (Japan), stated in a report that following last Fridays increase of the policy rate to 1.25%, the Bank of Japan (BOJ) may further raise the rate to 1.50% in December. Despite the BOJs recent multiple rate hikes, its quarterly corporate surveys show that corporate financing conditions have barely deteriorated. Upside risks to inflation have increased due to rising energy prices and a weaker yen. The Federal Reserves hawkish shift is also increasing the risk of yen depreciation. Kinoshita predicts that the BOJ will raise rates further in March and July next year, bringing the rate to 2.0%, thereby ending the current tightening cycle.September 21 - The State Council Information Office will hold a press conference on the theme of "Starting the 15th Five-Year Plan" at 10:00 a.m. on Tuesday, September 22, 2026. Liu Guohong, Secretary of the Party Leadership Group of the Ministry of Natural Resources and Inspector General of the National Natural Resources, and Yan Zhen, Deputy Director of the National Forestry and Grassland Administration (National Park Administration), will introduce the relevant situation on promoting the safe, efficient and sustainable use of natural resources and answer questions from reporters.On September 21, Westpac Chief Economist Lucie Ellis moved her expectation for a Reserve Bank of Australia (RBA) rate hike forward to September, stating that the RBA governors remarks met the committees conditions for further rate increases set in August. She acknowledged tactical reasons for waiting, including the release of the August monthly CPI the following day and the potential for awkward public perception due to a slight easing of tensions in the Middle East, fuel tax adjustments, or a weak employment report. However, she concluded that hawkish comments carried more weight than these factors. Westpac anticipates a divided vote due to differing views on trend productivity, labor supply, and the degree of labor market slack, while underemployment has risen significantly.September 21st - The Mid-Autumn Festival holiday in 2026 will be from September 25th to 27th, a total of 3 days. Guangzhou South Railway Station expects to handle 1.796 million passengers, primarily for family visits, supplemented by students and business travelers, showing a surge in short-distance travel within Guangdong Province. To meet passenger demand, 270 additional peak-hour or temporary high-speed trains are planned from September 24th to 28th, including 36 overnight high-speed trains on September 25th and 28th.SoftBank Group issued $10 billion and $1 billion in European bonds to invest in OpenAI.

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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