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On August 24th, it was learned from the Cold Chain Professional Committee of the China Federation of Logistics and Purchasing that the total demand for food cold chain logistics in the first half of the year reached 200 million tons, a year-on-year increase of 4.7%, with the growth rate accelerating by 0.3 percentage points compared to the same period last year; the total revenue of food cold chain logistics service companies was 290.18 billion yuan, a year-on-year increase of 3.7%. The penetration of new energy refrigerated trucks accelerated, and the proportion of green transportation capacity reached a new high. It is estimated that refrigerated truck sales in the first half of the year reached 42,111 units, a year-on-year increase of 42.9%; among them, sales of new energy refrigerated trucks reached 20,285 units, a year-on-year increase of 92.3%, maintaining a high-speed growth trend. The penetration rate of new energy refrigerated trucks reached 48.2%, an increase of 12.4 percentage points compared to the same period last year. The penetration rate in the second quarter rose to 54.7%, showing an accelerating penetration trend. For the first time in a quarterly dimension, the penetration rate of new energy refrigerated trucks surpassed that of traditional fuel vehicles, indicating that the greening process of cold chain transportation has entered an accelerated development stage.August 24 - According to Iranian media reports, Iranian Oil Minister Mohsen Paknejhad announced on the 23rd that Iran has discovered a new gas field in the southern Fars province with natural gas reserves exceeding 7.5 trillion cubic feet (approximately 212.4 billion cubic meters), of which approximately 5.7 trillion cubic feet (approximately 161.4 billion cubic meters) are recoverable.August 24th - Bank of Japan (BOJ) officials will soon have multiple opportunities to confirm or dampen increasingly aggressive market bets on a September rate hike. Market pricing indicates an approximately 82% probability of a September rate hike. Since the July 2024 rate hike decision faced fierce criticism, the BOJ governor has emphasized strengthening communication with the market. The yen is another key factor prompting the BOJ to signal its policy intentions. Kento Minami, senior economist at Daiwa Securities, stated, "The BOJ is unlikely to explicitly state that the next rate hike will be in September. Instead, officials may hint at the need for an earlier rate hike by emphasizing upside risks to inflation. The market will interpret this as confirmation of a September rate hike." However, if the BOJ repeatedly emphasizes uncertainty, the need for further data observation, or the need to assess the impact of previous rate hikes, the market may interpret this as a signal to maintain interest rates unchanged in September.According to Greek media reports, Athens deployed an air defense system to Crete after Iran threatened US military bases in Europe.The China Earthquake Networks Center automatically determined that an earthquake of approximately magnitude 4.9 occurred near Changning County, Yibin City, Sichuan Province at 08:26 on August 24. The final result is subject to the official rapid report.

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.