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According to the Financial Times, diplomats say Russia has benefited from rising oil prices, a suspension of US sanctions, and the rapid depletion of US ammunition needed by Kyiv.According to the Financial Times, four EU diplomats involved in the Ukraine talks said the Middle East conflict has diverted Washingtons attention from a peace agreement.On the 14th local time, Argentinas Ministry of Energy announced an increase in the countrys withholding tax rate on oil exports. According to the Ministry, the withholding tax rate on conventional oil exports from Chubut, Santa Cruz, Mendoza, and Neuquén provinces will rise from 3.36% to 8%.According to Irans Tasnim News Agency, 20 people have been arrested in northwestern Iran for providing information on military locations to Israel.March 15th - According to NHK, following Trumps expression of hope that Japan would join the US in maintaining the "openness and security" of the Strait of Hormuz, a senior official stated that any decision to send Japanese warships to the Middle East for escort missions would face a "very high hurdle." Liberal Democratic Party policy research chief Takayuki Kobayashi, responding to Trumps call to send warships to the Middle East, said that while the law does not completely rule out this possibility, given the ongoing conflict, it is an issue that requires careful judgment. Japans economy is heavily reliant on oil imports from the Middle East. However, Japan has yet to make a clear statement on the war with Iran. When asked about this in parliament last week, Sanae Takaichi stated that there are currently no plans to send minesweepers to help clear mines around the Strait, at least until the end of the US-Israel-Iran war. Kobayashi stated on a Sunday program that, given Trumps tendency to change his tune, Takaichi should use her personal relationship with Trump to ascertain his true intentions.

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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