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July 12 – Jorge Rodríguez, president of the Venezuelan National Assembly, said at a press conference in Caracas, the Venezuelan capital, on July 11 that the two powerful earthquakes that struck the country on June 24 had killed 4,333 people and injured 16,740. Rodríguez stated that the reconstruction efforts are extremely costly, with approximately 25,000 houses awaiting repair. Acting President Delcy Rodríguez is seeking to unfreeze Venezuelan assets seized overseas, including its gold reserves frozen at the Bank of England, for use in the reconstruction efforts.Israeli Prime Minister Benjamin Netanyahu: (Statement on the death of U.S. Senator Lindsey Graham) Israel has lost one of its greatest friends. The United States has lost a great patriot. I have lost a dear friend.The UK Maritime Authority: The security threat in the Strait of Hormuz is extremely serious.July 12th - Typhoon Bavi, the ninth typhoon of the year, made landfall twice in Zhejiang Province, on the night of July 11th and early morning of July 12th, in Yuhuan City, Taizhou, and Yueqing City, Wenzhou. Many areas in Zhejiang Province experienced severe storms and heavy rainfall, causing serious disruption to local production and daily life. On July 12th, the National Disaster Prevention, Mitigation and Relief Committee activated a Level IV national emergency response. To implement General Secretary Xi Jinpings important instructions on flood control and disaster relief, and based on the "National Natural Disaster Relief Emergency Plan" and the disaster losses in Zhejiang Province, the National Development and Reform Commission urgently allocated 100 million yuan from the central budget to support Zhejiang Province in post-typhoon emergency recovery efforts. This funding will primarily be used for the emergency reconstruction of damaged roads, water conservancy infrastructure, and public service facilities such as schools and hospitals in the disaster area, aiming to restore normal production and daily life as quickly as possible.July 12th - Recently, affected by Typhoon Maysak (No. 10 of this year), many parts of Guangxi have experienced severe rainstorms and floods. To implement General Secretary Xi Jinpings important instructions on flood prevention and disaster relief, and based on the "National Natural Disaster Relief Emergency Plan" and the extent of disaster losses in Guangxi, the National Development and Reform Commission, on top of the 100 million yuan emergency allocation from the central budget on July 6th, has allocated an additional 100 million yuan to support Guangxi in further improving post-disaster emergency recovery efforts and promoting the rapid restoration of normal production and daily life.

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.