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October 15: Building materials trading volume reached 91,400 tons, a decrease of 3.38% from the previous trading day. October 14: Building materials trading volume reached 94,600 tons, a decrease of 10.75% from the previous trading day. October 13: Building materials trading volume reached 106,000 tons, a 15.97% increase from the previous trading day. October 11: Building materials trading volume reached 91,400 tons, a decrease of 7.11% from the previous trading day. October 10: Building materials trading volume reached 98,400 tons, a decrease of 17.93% from the previous trading day. Last weeks average: Building materials trading volume was 103,200 tons.On October 15th, Morgan Stanley (MS.N) reported significantly higher-than-expected third-quarter equity trading revenue, outperforming its peers amid market volatility triggered by Trumps policies. According to its earnings report released Wednesday, Morgan Stanleys third-quarter equity trading revenue surged 35% to $4.12 billion, significantly exceeding analysts expectations of a 6.6% increase and surpassing Goldman Sachs $3.74 billion during the same period. Goldman Sachs has dominated the global equity trading market in recent years, and Morgan Stanley is striving to regain its top spot. Its investment banking business also performed well, with fee income increasing 44% year-on-year, exceeding market expectations. Its massive wealth management division attracted $81 billion in new funds during the quarter, achieving a pre-tax profit margin of 30%, also exceeding analysts estimates.On October 15th, Russian Presidential Press Secretary Dmitry Peskov stated at a regular briefing that Russian President Vladimir Putin remains open to negotiations on Ukraine, blaming Kyiv for the current stagnation in the dialogue. Peskov also stated that it remains uncertain whether Putin and US President Donald Trump will be able to speak in the near future. Regarding the upcoming meeting between Russian and Syrian leaders, Peskov stated that the two sides will discuss the continued presence of Russian military bases in Syria. Peskov also stated that the Russian economy is resilient enough to implement all planned plans.On October 15th, ING Bank economist Bert Colijn pointed out that although the Eurozone industrial sector has recently shown some optimism about the output outlook, the actual situation is far worse than expected. Eurozone industrial output fell by 1.2% month-on-month in August. He said in the report: "The previous production peak caused by the United States early import of European goods has passed, and output has once again shown a downward trend in the past few months." The Eurozones large-scale investment plans still need time to be implemented. Therefore, although the medium-term outlook is slightly optimistic, it will still lack growth momentum in the short term after the US-EU trade enters a new phase. "This means that in the third quarter, the contribution of manufacturing to GDP growth may be negative, and economic growth expectations will remain weak."Nvidia (NVDA.O) rose in pre-market trading, up more than 2%.

S&P 500 (SPY) Dives To 3635 As Initial Jobless Claims Decline

Steven Zhao

Sep 30, 2022 15:00

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Investor Fears Regarding a Hawkish Fed

The Initial Jobless Claims data, which was better than expected, has caused investors to react negatively, and the S&P 500 is down more than 2% during today's trading session.


The figures revealed that just 193,000 Americans sought for unemployment benefits in one week, far less than the expert prediction of 215,000. The Fed claims that the labor market is still too tight. The study supported the robustness of the labor market. The Fed's need to raise rates rapidly in order to reduce demand and fight inflation would hurt stocks.


Auto stocks were under pressure after CarMax's profits and sales fell short of analyst projections. The stock is down 23% so far in today's trading. Traders think that Tesla, General Motors, and Ford have all dropped by 5-6% as a result of the effect that rising lending rates have had on the market for cars.


It is hardly surprising that tech shares have fallen today as the market prepares for higher interest rates. AMD, NVIDIA, and Apple among those that suffered the most losses in this market segment today.


Despite the oil market's rebound, the current sell-off is pervasive, and even energy stocks are under pressure. Since the market views the Fed's actions as the biggest danger to stocks, any news that signals the Fed will keep raising interest rates quickly causes a sell-off.

S&P 500 Tests Support At 3635

The 3635 support level continues to be the S&P 500's target closing price. Even if the RSI is virtually in oversold zone, if the right triggers occur, there is still a chance for additional bearish momentum.


If the S&P 500 closes below 3635, it will go toward the next support level at 3600. The S&P 500 will go closer to support at 3580 if this level is properly challenged.


For the S&P 500 during an upswing, the previous support level at 3660 will serve as the initial resistance level. If the S&P 500 climbs once more over this level, it will move toward the next hurdle at 3700. If the price rises over 3700, the resistance level at 3725 may be challenged.