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According to data from BILSTATISTIK.DK, Tesla (TSLA.O) saw a 104% year-on-year increase in new car registrations in Denmark in August.September 1st - Data from the National Association of Home Mortgage Borrowers (NAM) shows that UK house prices rose in August, indicating that housing demand remains resilient despite the economic impact of the ongoing conflict between the US and Iran. The average UK house price rose 0.2% in August to £275,465, reversing a revised 0.1% decline in the previous month. Augusts price performance was slightly better than economists expectations of a 0.1% increase. This data suggests that the UK housing market may be weathering the impact of the Middle East conflict. Ample household savings and Prime Minister Andy Burnhams cost-of-living measures are helping to maintain housing demand. However, energy costs remain high, and house prices have fallen in two of the past four months. Overall economic sentiment in the UK may deteriorate further. The Iranian energy shock has dampened market hopes for interest rate cuts, with traders now expecting the Bank of England to raise rates by 25 basis points by the end of the year. Meanwhile, speculation surrounding potential tax increases in the new Chancellor of the Exchequer John Healys first budget could further dampen the willingness of potential homebuyers.UBS shares rose 1.8% in pre-market trading in Europe after a Swiss parliamentary committee approved capital incentives.The UKs Nationwide house price index rose 0.2% month-on-month in August, below the expected 0.10% and the previous reading revised from 0.10% to -0.1%.The UKs Nationwide house price index rose 1.6% year-on-year in August, below the expected 2% and the previous reading revised from 1.80% to 1.4%.

S&P 500 (SPY) Moves Towards 3900 As Chip Stocks Retreat

Alice Wang

Sep 02, 2022 14:52

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Stocks fell towards the 3900 mark as a result of concerns about the Fed's aggressive rate rises and the sale of advanced chips to China being prohibited by the United States.


The U.S. dollar reached new highs as a result of the positive ISM Manufacturing PMI report. The yield on Treasury bonds has also increased. According to the FedWatch Tool, there is a 76% chance that the next meeting will result in a 75 basis point rate increase, which is bad news for the stock market.


Interestingly, RSI is still in the moderate range despite the significant drop, suggesting that there is still opportunity for more downward momentum in the future trading days.


The S&P 500 will go toward the next support level at 3875 if it is able to settle below the support at 3915. If the S&P 500 drops below this level, it will be forced toward the 3830 support level.


The previous support level at 3950 will act as the first resistance level for the S&P 500 on the upside.


The S&P 500 will go toward the barrier at 3980 if it is able to stabilize again above this level.

Trades In Defensive Sectors Show Some Interest

Because of concerns that the U.S. export prohibition would significantly hurt the company's sales, NVIDIA stock is down roughly 12%. AMD's decline is 7%. The pricey and complex processors used in AI development are the focus of the prohibition.


The market is concerned that other limitations may be imposed in the future and that the ban is just the start of a multi-year campaign against China's high-tech capabilities.


Chinese equities like Alibaba and NIO have come under significant pressure as ties between the U.S. and China continue to worsen.


The prices of top tech companies like Apple, Microsoft, and Alphabet are also declining today.


After the sharp drop, investors are looking for safe-haven investments, and while equities like Johnson & Johnson, Walmart, and Philip Morris are rising, they are doing so.


The trading patterns of these equities should be monitored by traders since their recovery may indicate that following the sell-off in the S&P 500, buyers' interest is increasing.

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