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On January 26th, Moodys Analytics stated in a report that Australian consumer price data to be released on Wednesday is expected to show that the year-on-year overall inflation rate in December may have slowed to around 3% from 3.4% in November. The report stated that this was mainly driven by a favorable base effect in electricity prices and the normalization of holiday travel prices. However, the report added that food inflation and sticky price pressures generally present in the services sector are likely to keep core inflation around 3% to 3.2%, thus preventing a more significant decline.Nomura Securities raised its target price for Alibaba (BABA.N) from $193.00 to $237.00.January 26th – The Fifth Session of the 14th Guangdong Provincial Peoples Congress opened in Guangzhou this morning, with Guangdong Governor Meng Fanli delivering the government work report. The report stated that in 2026, Guangdong will resolutely deepen reforms and fully unleash the innovation and creativity of the whole society and the surging momentum for high-quality development. It will continue to deepen reforms in key areas, improve the whole-process, efficient, and verifiable reform promotion and implementation mechanism, and ensure the effective implementation of various reform tasks deployed by the state and province. It will accelerate the implementation of the second batch of authorized items in the Shenzhen comprehensive reform pilot program, proactively study and address new issues arising in economic and social development, and deepen fiscal reform. It will focus on the "five major aspects" of finance, cultivate and introduce more financial market entities, support the Shenzhen Stock Exchange in deepening the reform of the ChiNext board, and accelerate the expansion and quality improvement of the regional equity trading market.January 26 - Faraday Future reports that it has completed regulatory certification for its first EAI robot and released partial design drawings of the robot. Regulatory certification for other products in the first batch is also progressing rapidly, with the goal of starting deliveries in the same month of release.January 26th - The Fourth Session of the 14th Henan Provincial Peoples Congress opened this morning, with Governor Wang Kai delivering the government work report. The report mentioned strengthening the modern service industry system. It outlined actions to expand and improve the service industry, promoting the specialization and high-value-chain extension of producer services and facilitating the high-quality, diversified, and convenient development of consumer services. It also emphasized the integrated development of high-level industrial design centers, metrology and testing centers, certification centers, pilot-scale testing bases, and common technology platforms to continuously enhance scientific and technological service capabilities. Furthermore, it called for increased investment in insurance and funds in Henan, strengthening venture capital funds, implementing a special action to improve the quality and efficiency of science and technology finance, supporting the listing of high-quality enterprises and mergers and acquisitions of listed companies, increasing the proportion of direct financing and equity financing, and adding 1 trillion yuan in social financing. Finally, it supported Zhengzhou in creating a national pilot city for the integration of industry and finance, and cultivated 20 new provincial-level benchmark enterprises for the integration of industry and finance.

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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