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January 23 - According to the Shenzhen Branch of the Peoples Bank of China, since the implementation of the "Cross-border Wealth Management Connect" 2.0 version, Shenzhen banks have added approximately 32,000 individual investors, with a total cross-border payment amount of 52.6 billion yuan, accounting for nearly half of the total amount in the Guangdong-Hong Kong-Macao Greater Bay Area. The business scale has increased more than eightfold compared to the 1.0 version, continuously meeting the cross-border wealth management needs of residents in the Greater Bay Area.Russian Presidential Special Representative Dmitriev: The meeting between Russian President Putin and US Middle East Special Envoy Witkov was "of great significance".A chart summarizing the overnight price movements of international spot platinum and palladium.On January 23, Goldman Sachs stated that, given rising memory prices, a flattening replacement cycle following the end of Windows 10 support, and the earlier-than-expected release of demand in the fourth quarter of 2025, they have lowered their global PC shipment forecasts for 2026-2028. They now expect global PC shipments to change by -5%/+3% year-on-year in 2026/2027 (previously forecasting a 3% year-on-year increase in both sectors).January 23 - On January 22, the fourth phase of the Guangdong Chip Semiconductor project was officially launched. The project has a total investment of RMB 25.2 billion and plans to build a 12-inch mixed-signal specialty process production line with a monthly capacity of 40,000 wafers. It is expected to be completed and put into operation by the end of 2029.

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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