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On January 22nd, a research report from CITIC Securities pointed out that the USD/CNY exchange rate has also continued to rise recently. Given the still strong willingness to settle foreign exchange in the short term, and the fact that the beginning of each year is a major window for RMB appreciation, it cannot be ruled out that the RMB will continue to rise before the Spring Festival, releasing appreciation pressure. The combination of falling US Treasury yields and a strengthening RMB will put considerable pressure on current US Treasury holdings. However, after entering March, US Treasury yields and the RMB exchange rate may simultaneously peak, at which time a more ideal buying opportunity will be provided.According to Fox News, when asked whether Greenland would remain under Danish control, NATO Secretary General Rutte said that this question was not raised in his conversation with US President Trump.1. All three major U.S. stock indexes closed higher. The Dow Jones Industrial Average rose 1.21% to 49,077.23 points, the S&P 500 rose 1.16% to 6,875.62 points, and the Nasdaq Composite rose 1.18% to 23,224.82 points. Amgen rose nearly 4%, and Nvidia rose nearly 3%, leading the Dow. The Wind U.S. Tech Big Seven Index rose 0.98%, Tesla rose nearly 3%, and Google rose nearly 2%. Chinese concept stocks generally rose, with Baidu Group rising more than 8% and 21Vianet Group rising nearly 7%. 2. The three major European stock indexes closed mixed. The German DAX index fell 0.51% to 24,577.81 points, the French CAC40 index rose 0.08% to 8,069.17 points, and the UK FTSE 100 index rose 0.11% to 10,138.09 points. 3. US Treasury yields fell across the board. The 2-year Treasury yield fell 0.39 basis points to 3.584%, the 3-year Treasury yield fell 2.22 basis points to 3.651%, the 5-year Treasury yield fell 2.63 basis points to 3.822%, the 10-year Treasury yield fell 5.16 basis points to 4.241%, and the 30-year Treasury yield fell 5.26 basis points to 4.861%. 4. International precious metals futures closed mixed. COMEX gold futures rose 1.48% to $4836.20 per ounce, while COMEX silver futures fell 1.78% to $92.95 per ounce. 5. The most active US crude oil contract closed up 0.51% at $60.67 per barrel; the most active Brent crude oil contract rose 0.61% to $64.58 per barrel. 6. Most base metals rose in London. LME tin rose 3.81% to $51,295.0/ton, LME nickel rose 2.05% to $17,975.0/ton, LME aluminum rose 0.32% to $3,117.5/ton, LME copper rose 0.06% to $12,761.5/ton, LME zinc rose 0.06% to $3,175.0/ton, and LME lead fell 0.20% to $2,024.5/ton.Spot gold and silver opened steady on Thursday, currently trading at $4,832 per ounce and $93.01 per ounce, respectively.Documents show that Walmart (WMT.N), Microsoft (MSFT.O), and Tiger Global sold shares in PhonePe, an Indian digital payments and financial services company, during its Indian IPO.

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.