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1. Monday: ① Events: Speech by Chicago Fed President Goolsby, 2027 FOMC voting member; Speech by Bank of Canada Governor Macklem; Vice Premier He Lifeng leads a delegation to the US for trade consultations from September 19th to 23rd. ② Holiday: Tokyo Stock Exchange closed for Respect for the Aged Day. 2. Tuesday: ① Data: UK August public sector net borrowing; UK September CBI industrial order balance; US ADP employment change for the week ending September 5th; Eurozone September consumer confidence index (preliminary); US September Richmond Fed manufacturing index. ② Events: Speech by RBA Governor Bullock; Speech by New York Fed President Williams, permanent FOMC voting member; Speech by Federal Reserve Vice Chairman Jefferson at the 2026 US Treasury Market Conference. ③ Holiday: Tokyo Stock Exchange closed for National Day. 3. Wednesday: ① Data: US API and EIA crude oil inventories for the week ending September 18; preliminary September manufacturing and services PMIs for France, Germany, the UK, the Eurozone, and the US; ② Events: Speech by Richmond Fed President Barkin, a 2027 FOMC voting member; NYMEX crude oil October futures rollover, with the last floor trading session ending at 2:30 AM on September 23 and the last electronic trading session ending at 5:00 AM. ③ Holiday: The Tokyo Stock Exchange will be closed for the Autumn Equinox. 4. Thursday: ① Data: Australias August seasonally adjusted unemployment rate; Switzerlands central bank policy rate for the week ending September 24; Germanys September IFO Business Climate Index; UKs September CBI retail sales balance; Canadas July retail sales month-on-month rate; US initial jobless claims for the week ending September 19, Q2 current account, August new home sales (annualized), and EIA natural gas inventories for the week ending September 18. ② Events: The Swiss National Bank announces its interest rate decision; Williams, a permanent voting member of the FOMC and president of the New York Fed, holds a fireside chat with Charlie Bean, former deputy governor of the Bank of England, at the London Macroeconomic Policy Forum; Barkin, a 2027 FOMC voting member and president of the Richmond Fed, participates in a fireside chat at the Economic Club; Hamak, a 2026 FOMC voting member and president of the Cleveland Fed, delivers opening remarks at a conference; Paulson, a 2026 FOMC voting member and president of the Philadelphia Fed, speaks at a fintech conference; a new round of price adjustments for refined oil products will begin in China. ③ Holidays: The Seoul Stock Exchange in South Korea will be closed for the Mid-Autumn Festival; the Shanghai Gold Exchange, Shanghai Futures Exchange, Zhengzhou Commodity Exchange, and Dalian Commodity Exchange will not have night trading sessions before the Mid-Autumn Festival. 5. Friday: ① Data: UK September GfK Consumer Confidence Index; Germany October GfK Consumer Confidence Index; US August Durable Goods Orders MoM; US September University of Michigan Consumer Sentiment Index Final Reading; US September One-Year Inflation Rate Expectation Final Reading. ② Event: FOMC permanent voting member and New York Fed President Williams delivers a speech. ③ Holiday: The Seoul Stock Exchange in South Korea is closed for the Mid-Autumn Festival; the Taiwan Stock Exchange, Shanghai and Shenzhen Stock Exchanges, Beijing Stock Exchanges, and domestic futures exchanges are closed for the Mid-Autumn Festival; the Hong Kong Stock Exchange is open for trading, but northbound and southbound trading is closed. 6. Saturday: ① Data: Total number of US oil rigs for the week ending September 25. ② Event: 2026 FOMC voting member and Cleveland Fed President Hamak delivers a speech. 7. Sunday: ① Event: New Zealand begins Daylight Saving Time, and its financial market trading hours and economic data release times will be one hour earlier than standard time.On September 20th, according to Qianwen Big Model, Qwen-Image-2.1, an image model that balances generation quality, inference efficiency, and cost of use, was open-sourced today. Qwen-Image-2.1 integrates text generation and image editing into a single model, with only 7B parameters for visual generation and native support for generating and editing transparent images. The main features of this updated model include four aspects: 1. Small model, powerful efficiency, and extreme cost-effectiveness: Lightweight model structure and inference optimization achieve a balance between generation quality and computational cost. 2. Native transparency, integrated creation and modification: Generates ordinary or transparent images based on prompts, and supports transparent layer editing and image cutout. 3. Versatile editing, multi-frame preservation: Supports up to 10 reference images, enhances local editing, portrait and product fidelity, and covers various editing tasks. 4. Realistic texture, elegant text and beautiful figures: Improves text layout, lighting and detail rendering for more aesthetically pleasing generated results.On September 20, Iranian Army Commander Jahanshahi stated that, in response to potential threats, a large number of troops remain deployed along Irans northwestern, western, southwestern, eastern, northeastern, and southeastern borders, as well as coastal areas, since the outbreak of the conflict. Various units of the Iranian Army, including special forces, rapid reaction forces, mechanized units, and artillery, have been deployed along the countrys borders, maintaining a high state of combat readiness.September 20th - It was learned today that the International Organization for Standardization (ISO) recently approved the establishment of all seven international natural gas standards led by my country. These standards cover key upstream areas of the industry chain, including shale gas exploration and development, natural gas carbon footprint accounting, natural gas reservoir core sampling, and natural gas hydrate testing. They will contribute to the construction of globally unified natural gas technology rules and promote the development of a clean, low-carbon, safe, and efficient global energy system.On September 20, Egyptian President Abdel Fattah al-Sisi met with visiting CIA Director John Ratcliffe and expressed his support for resolving regional hotspots such as Iran and Palestine through political means. According to a statement released by the Egyptian presidential palace that day, Sisi stated during the meeting that Egypt fully supports efforts aimed at reaching a comprehensive agreement to resolve the Iranian crisis, in order to promote the restoration of regional security and stability and guarantee freedom of international navigation. He emphasized that regional crises should be resolved through political and diplomatic means.

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.