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On September 21, Citigroup CEO Jane Fraser stated that as artificial intelligence models become increasingly capable, companies are accelerating the construction of defense systems to address the potential increase in cyberattack risks. "Currently, all companies globally are patching numerous systems, creating a defense race," Fraser said at the Qatar Economic Forum in New York. Fraser noted that earlier this year, Anthropics Mythos model raised concerns about the cyber risks of next-generation AI. Subsequently, US Treasury Secretary Scott Bessant and then-Federal Reserve Chairman Jerome Powell convened Wall Street executives to discuss the risks posed by the model and urged companies to strengthen system security. Recently, AI systems, including those from Google and Anthropic, have been found to have infiltrated corporate systems during testing, further fueling security concerns. Fraser stated that the bottleneck in AI development has shifted from chips to energy supply, with global energy demand increasing significantly. Qatari Prime Minister Mohammed bin Abdulrahman Al Thani stated that Qatar is collaborating with AI companies on responsible investments, and that security measures surrounding the technology are still being refined.September 21st - On September 20th, Germany held two local elections: one in the capital Berlin and the other in the eastern state of Mecklenburg-Western Pomerania (Megrenburg-Western Po). The latest exit polls indicate that the far-right Alternative for Germany (AfD) is projected to win 37% of the vote in the Mecklenburg-Western Po state election; the center-left Social Democratic Party (SPD) in the ruling coalition is projected to win 35.5%; and the Christian Democratic Union (CDU), led by Chancellor Merz, is projected to win 5.5%, barely crossing the threshold to enter the state parliament—the CDUs worst performance in any state election since 1949. With other major parties refusing to cooperate, the AfDs chances of forming a government in Mecklenburg-Western Po are extremely slim. However, this far-right party has become the largest party in the state parliaments of both German states in the past two weeks. In the Berlin city council elections, the Christian Democratic Union (CDU) is projected to win 20% of the vote; the Social Democratic Party (SPD) is expected to win 12%; the Alternative for Germany (AfD) is projected to win 16%, increasing its seat count; and the Left Party is projected to win 24.5%, currently leading. Germany has 16 states, and Berlin is one of three city-states. In the eastern Saxony-Anhalt state elections on September 6th, Merzs CDU suffered a crushing defeat, with its vote share plummeting to around 17%; the AfD won approximately 44% of the vote, becoming the largest party in the state.The U.S. Mission to Saudi Arabia: Due to the ongoing security situation in Saudi Arabia, all U.S. government employees working in Saudi Arabia now require special authorization to travel to the cities of Taif and Yanbu for both official and private purposes.German Chancellor Merz: We need determination, resolve, and patience; as party leader and chancellor, I am ready to do that. I take responsibility because I want to push the country forward.German Chancellor Merz: Germany must become a country that ushers in a new era. We cannot go back to the "good old days".

S&P 500 (SPY) Rebounds As Buyers Emerge After Sell-Off

Jimmy Khan

Sep 15, 2022 14:26

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Markets Rebound From Yesterday's Sell-Off The S&P 500 advanced in the direction of 3950 as stocks recovered from yesterday's sharp decline.


Stocks received some support today from the PPI data, which revealed that PPI fell by 0.1% month-over-month in August. As long as inflationary pressure remained high, it should be highlighted that Core PPI climbed by 0.4% month over month as opposed to the analyst consensus estimate of 0.3%.


Today, 10-year Treasury rates attempted to settle over 3.80% and Treasury yields tried new highs. Trading speculation that the Fed would be obliged to hike rates quickly is driving up Treasury yields, which might eventually put more pressure on tech companies.


Leading tech stocks are now attempting to recover from yesterday's disaster. Apple is up 1%, while Tesla is up 4%. Meta continues to see significant pressure and is attempting to go below the $150 mark by reaching annual lows.


As WTI oil keeps rising, energy equities outperform other market sectors. In today's trade, Schlumberger is up 4% and Exxon Mobil is up 3%.


It should be emphasized that the comeback today is not significant. Rising Treasury rates have put significant pressure on the real estate market. The sector for basic materials is also declining. For instance, today's share price decline of 3.5% for big copper producer Freeport-McMoRan

The trading activity today demonstrates that after yesterday's sell-off, traders are still uneasy. Markets are most at risk from a hawkish Fed, therefore trading will probably remain bumpy until the Fed Interest Rate Decision is announced on September 21.

The S&P 500 Attempts To Hold Above 3950

The S&P 500 is now attempting to stabilize above the 3950-level barrier. The S&P 500 will proceed toward the next resistance level, which is at 3980, if this effort is successful. S&P 500 will be pushed toward the barrier at 4000 if it moves over this point.


On the support side, the S&P 500's closest support level is found at the most recent lows, which are 3920. S&P 500 will go toward the next support at 3900 if it is able to settle below this level. The support at 3885 may then be tested if this level is successfully tested.

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