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The British Foreign Secretary spoke with the Saudi Foreign Minister to discuss the Houthi aggression in Yemen and attacks on Saudi Arabia. The British Foreign Secretary stated that Britain stands firmly with Saudi Arabia and the internationally recognized Yemeni government in opposition to all attacks.On September 13, Ukrainian Presidential Chief of Staff Budanov stated that Ukraine is preparing for a new round of negotiations in October, which will involve Ukraine, Russia, and the United States. Budanov did not disclose specific details such as whether the negotiations would be held in the Middle East or elsewhere.September 13th - SpaceX (SPCX.O)s weighting in the Nasdaq 100 index is expected to increase later this month, a move that could trigger billions of dollars in buying from passive funds tracking the benchmark index. According to simulated data released Friday evening by Nasdaq Global Index Monitor, SpaceXs weighting in the Nasdaq 100 is projected to rise from approximately 1.28% currently to approximately 2.82%. The final weighting will be determined later this month. Wall Street expects this adjustment to prompt index funds and ETFs tracking the benchmark index to add billions of dollars in purchases of SpaceX stock.September 13 - According to Al Jazeera on the 12th, Iranian Foreign Ministry spokesman Bagaei said that Iran and Oman are expected to brief Gulf states on the results of their consultations on navigation in the Strait of Hormuz at a regional meeting to be held on the 14th.According to Iranian state media, two explosions were heard on Qeshm Island, the sound originating from the sea.

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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