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Federal Reserves Barkin: Even if the Strait of Hormuz reopens, gas prices may take months to fall.On May 22, it was reported that on May 21, Russian President Vladimir Putin and Belarusian President Alexander Lukashenko held a joint nuclear forces exercise via video link. This marked the first time the Russian and Belarusian armies had conducted joint strategic and tactical nuclear forces exercises. During the exercise, Russian and Belarusian troops completed live-fire launches of the Yars intercontinental ballistic missile, the Zircon hypersonic missile, the Blue Spot submarine-launched ballistic missile, the Iskander-M ballistic missile, as well as air-launched cruise missiles and the Kinzhal missile. All missiles successfully hit their targets, verifying their intended performance. Putin stated that nuclear weapons are an extreme and special measure to guarantee the national security of both countries. He emphasized that the nuclear triad should continue to be a reliable guarantee of the sovereignty of the Union State of Russia and Belarus, maintaining nuclear balance and equilibrium at the global level. Putin also stated that Russia and Belarus do not intend to engage in an arms race but will continue to develop their strategic and tactical nuclear forces, maintaining the nuclear triad at a necessary and sufficient level.May 22 – According to the Wall Street Journal, U.S. mortgage rates rose to their highest level since August of last year this week, undoubtedly bad news for homebuyers during what is typically the busiest time of year for real estate sales. Freddie Mac reported on Thursday that the average rate for a 30-year fixed-rate mortgage rose to 6.51% this week, up from 6.36% last week. Furthermore, rising homeowners insurance and property tax costs in many areas are also deterring buyers. This years increase in mortgage rates reverses the downward trend that began in the second half of 2025. Nevertheless, current mortgage rates are still lower than a year ago, and some buyers are taking advantage of the slow market. According to data from the Mortgage Bankers Association, mortgage applications fell last week compared to the previous week, but increased by 8% year-over-year.The Iranian Foreign Ministry stated that the Iranian Foreign Minister and the Austrian Foreign Minister held a telephone conversation on Thursday afternoon to discuss the latest diplomatic developments and issues related to bilateral relations, and exchanged views.Federal Reserve Bank of Barkin: The persistence of inflationary shocks may challenge the textbook approach of “ignoring” them.

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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