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International oil prices rose for the third consecutive trading day. A chart provides a quick overview of the pre-market conversion of domestic and international crude oil prices.Spot gold and silver traded in a volatile range. A chart provides a quick overview of the pre-market prices of precious metals, converted between domestic and international prices.As of 8:30 AM Beijing time, spot platinum rose 0.43% and spot palladium rose 0.37%.The yield on Japans 5-year government bonds fell 3 basis points to 1.92%.On July 15th, CICC Research Report stated that the seasonally adjusted CPI in the United States fell by 0.4% month-on-month in June, and the year-on-year increase fell back to 3.5%; the core CPI showed zero month-on-month growth and rose by 2.6% year-on-year, both lower than market expectations. The decline in energy prices is the main reason for the cooling of inflation. Looking ahead, the situation between the United States and Iran has escalated again, and the outlook for energy inflation is subject to fluctuations. At the same time, the AI inflation effect is gradually emerging. The mismatch between supply and demand of upstream hardware, the price increase of software and peripheral products, and the boost to aggregate demand from AI capital expenditure may all make core inflation more sticky. In terms of policy, the cooling of inflation in June supports the Federal Reserve to keep interest rates unchanged at the July meeting, but Wallers recent statements show [1] that the Federal Reserve is reassessing the possibility of "precautionary rate hikes". We maintain our baseline judgment of no rate hikes this year, but suggest that the threshold for rate hikes has already decreased. Once one or two overheated inflation data appear, it may prompt the Federal Reserve to further discuss the option of raising interest rates.

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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