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February 20th - A PMI survey shows that the recovery momentum of UK businesses since the beginning of 2026 has continued for the second month, but service sector companies are still laying off large numbers of workers, partly due to higher taxes imposed by the Labour government. The UKs preliminary composite PMI rose to 53.9 in February from 53.7 in January, the highest level since April 2024. Chris Williamson, chief global business economist at S&P Global, said: "The preliminary purchasing managers index data for February further suggests that the UK economy is showing an encouraging trend at the start of the year." "Bank of England policymakers will be encouraged by increasingly strong signs of economic growth. However, the relatively mild upward pressure on prices and the persistent, worrying weakness in the labor market are likely to prompt calls for further interest rate cuts."The UKs preliminary composite PMI for February was 53.9, below the expected 53.3 and the previous reading of 53.7.The UKs preliminary services PMI for February was 53.9, below the expected 53.5 and the previous reading of 54.The UKs preliminary manufacturing PMI for February was 52, below the expected 51.5 and the previous reading of 51.8.On February 20th, Iranian Oil Minister Mahmoud Paknejhad stated regarding the ongoing negotiations between Iran and the United States that "anything is possible" for cooperation between the two countries in the oil and gas sector. However, he pointed out that it remains unclear whether oil and gas cooperation between Tehran and Washington will officially commence. Previously, Iranian Foreign Ministry officials had revealed that the negotiations with the United States included shared interests in the oil and gas sector, joint ventures in oil fields, mineral investments, and aircraft purchases.

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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