EUR/USD 1.14017
0.283%
Gold 4080.02
1.327%
Oil 68.572
-3.858%
USD/JPY 161.651
-0.090%
GBP/USD 1.32070
0.127%
GBP/JPY 213.497
0.050%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
Japanese Chief Cabinet Secretary Minoru Kihara: No unusual activity has been observed at Mount Fuji.June 26th - According to sources, the ruling coalition led by German Chancellor Merz is negotiating up to €20 billion in personal income tax cuts, attempting to leverage the current momentum to advance a broader reform agenda. However, the parties remain divided on how to finance the tax cuts. Merzs Christian Democratic Union (CDU) leadership and the Social Democratic Party (SPD) leaders will meet on Sunday to bridge their differences on tax cuts for those earning less than €100,000 annually. The coalition partners are preparing to meet on July 1st to finalize plans for pension, healthcare, and tax system reforms to revitalize German economic growth.New York gold futures touched $4,100 per ounce, up 1.29% on the day.U.S. stocks narrowed their losses, with the S&P 500 briefly turning positive, the Dow Jones Industrial Average down slightly by 0.01%, and the Nasdaq Composite Index narrowing its losses to 0.26%.On June 26th, the final reading of the University of Michigan Consumer Sentiment Index for June came in at 49.5 (preliminary reading 48.9), up about 10% from May, due to a slight decline in gasoline prices. Consumer confidence improved across income, wealth levels, and political affiliations. Expectations for business conditions over the next five years rose sharply by 16%, suggesting that consumer concerns about the long-term consequences of the conflict with Iran appear to be easing. However, the index remains in unfavorable territory, 13% lower than the figure for February 2026 (before the outbreak of the conflict) and nearly 20% lower than the same period last year. The cost of living remains the biggest concern for consumers: for the third consecutive month, more than half of consumers cited high prices as dragging down their personal finances. Inflation expectations for the next year fell slightly to 4.6% this month from 4.8% in May, but remain high. The current reading is significantly higher than the 3.4% in February before the outbreak of the conflict, and also higher than all data for the whole of 2024. Long-term inflation expectations fell to 3.3% in June from 3.9% last month, but remain slightly above the 2.8%-3.2% range for 2024.

S&P 500 Rebounds From Session Lows As Energy Stocks Rally

Jimmy Khan

Nov 04, 2022 16:57

微信截图_20221104163926.png


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.

Suggestion