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The Peoples Bank of China (PBOC) announced today that it conducted 105.5 billion yuan of 7-day reverse repurchase operations, with both the bid and winning bids amounting to 105.5 billion yuan. The operating rate was 1.40%, unchanged from the previous rate.On February 3, the Securities Association of China launched a summary and evaluation survey of the three-year improvement plan (2023-2025) for securities companies network and information security, requiring all securities companies to submit survey questionnaires by February 15. This evaluation survey covers six main tasks: continuously improving the level of technology governance, establishing a scientific and reasonable technology investment mechanism, enhancing the ability to plan and control information system architecture, strengthening system R&D and testing management capabilities, consolidating system operation and maintenance capabilities, and improving the information security protection system. The aim is to comprehensively verify the implementation effectiveness of the three-year improvement plan and provide a basis for decision-making for the continuous optimization of the industrys network and information security capabilities. This is the first systematic review of the industrys network security construction achievements by regulators since the plan expires in 2025.February 3 – The Fourth Session of the 16th Shanghai Municipal Peoples Congress opened on the morning of February 3 at the Shanghai World Expo Center. Shanghai Mayor Gong Zheng delivered the Government Work Report. The report showed that in the past year, Shanghai continued to strengthen its efforts to stabilize foreign trade and investment. Foreign trade achieved growth against the trend, the "four-quadrant" differentiated policy approach was further deepened, and trade diversification yielded significant results. Total imports and exports to ASEAN and countries participating in the Belt and Road Initiative increased by 10.4% and 12.1% respectively. Efforts to attract foreign investment were further intensified. An action plan to promote foreign investment was formulated and implemented, the new round of comprehensive pilot programs for expanding the opening-up of the service sector was accelerated, foreign-invested enterprises were encouraged to reinvest in China, and the overseas investment promotion coordination mechanism was strengthened. A number of major foreign investment projects in fields such as new energy vehicles and biomedicine were accelerated. Significant progress was made in work related to Hong Kong, Macao, Taiwan, and overseas Chinese affairs.February 3rd - The Fourth Session of the 16th Shanghai Municipal Peoples Congress opened on the morning of February 3rd at the Shanghai World Expo Center. Shanghai Mayor Gong Zheng delivered the "Government Work Report." The report showed that by 2025, the well-being of Shanghai residents will continue to improve. Per capita disposable income will reach 92,000 yuan, an increase of 4.1%.The most active palladium futures contract rose more than 6.00% intraday, currently trading at 440.00 yuan/gram. The most active platinum futures contract rose 2.00% intraday, currently trading at 564.55 yuan/gram.

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.