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On August 14th, Bank of America strategists stated that a Republican victory in the midterm elections and retention of the Texas governorship could propel the stock market further upward. A team led by Michael Hartnett wrote that a strong performance by Trumps party on November 3rd, coupled with Greg Abbotts re-election in Texas, would be particularly beneficial for artificial intelligence (AI) trading. The midterm elections are considered a major risk event for US stocks, and Goldman Sachs strategist Snider recommends buying index volatility in the months leading up to the election. Hartnett stated, "If Trump retains the Senate and Abbott in Texas, the stock market—especially the AI sector—is expected to surge into a bubble 2027." However, if the Democrats win the Senate and defeat Abbott, the stock market could experience a "significant drop" of over 10%, and the dollar and bond yields would also decline by the end of the year.According to Axios: OpenAI underwent executive changes ahead of its IPO.August 14th - As of today (August 14th), the number of inbound and outbound passengers at Hangzhou Port this year has exceeded 3 million, roughly the same as the previous year. Among them, over 270,000 are foreign passengers, representing a year-on-year increase of over 12%, while over 160,000 are visa-free foreign passengers, representing a year-on-year increase of over 20%. The main sources of foreign passengers are South Korea, Vietnam, Singapore, and Malaysia.Russia has stated that there is no reason to give Ukraine a "temporary respite" regarding the situation in the Black Sea.Russia has stated that it cannot revive the 2022-23 Black Sea Initiative.

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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