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Japans March trade balance will be released in ten minutes.South Korea added only 74,000 jobs in April, the weakest performance since a year-on-year decrease of 52,000 in December 2024, following data released Wednesday by Statistics Korea. The job gains in February and March were both in the 200,000 range. The unemployment rate was 2.9%, unchanged from the same period last year. The number of unemployed was 853,000, a decrease of 2,000 year-on-year. By sector, employment in the health and social welfare services industry increased by 261,000 year-on-year, arts, sports and leisure-related services by 54,000, and real estate by 49,000. Employment in the science and technology services industry decreased by 115,000, and manufacturing by 55,000. Statistics Korea noted that the record decline in employment in the science and technology services industry since it was classified separately in 2013 is mainly due to the base effect of strong employment growth in previous years.On May 13, Iranian Vice President Shina Ansari stated that a suspected oil spill near Kharg Island, Irans main oil hub, was likely caused by wastewater discharge from an oil tanker, rather than a leak from oil facilities. Satellite images show the suspected spill area covers tens of square kilometers of sea near Kharg Island. According to Iranian state media, Vice President Ansari said, "Our monitoring results indicate that the pollution was caused by ballast water containing contaminants discharged from a non-Iranian oil tanker. No oil leaks were found in pipelines or oil facilities."On May 13, Yonhap News Agency reported that South Korean Defense Minister Ahn Gyu-baek stated on Wednesday that South Korea is studying a phased approach to participating in actions to ensure navigational safety in the Strait of Hormuz, signaling a preference for support without direct military involvement. Ahn stated that he conveyed South Koreas position during his meeting with US Defense Secretary Hergsays on Monday. Ahn said, "We broadly expressed this position: fundamentally, South Korea will participate as a responsible member of the international community and will assess ways to contribute in phases." Ahn indicated that phased support could include statements of political support, personnel deployment, information sharing, and the provision of military assets, but he emphasized that the two sides did not have detailed discussions on expanding South Korean military involvement. The day before the South Korea-US defense ministers meeting, South Korea condemned the attack on a South Korean-flagged vessel near the Strait of Hormuz last week. The South Korean presidential office strongly condemned the incident but stated that the investigation into the perpetrators was ongoing.South Koreas unemployment rate was 2.8% in April, compared to an expected 2.7% and a previous reading of 2.70%.

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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