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Market news: Tesla (TSLA.O) is reportedly planning to increase its delivery network in Japan by 60% this year.Yemens Deputy Defense Minister: We will decide on our response to the Houthis based on national interests.Yemens deputy defense minister: The Houthi attacks are aimed at drawing Yemen into the regional conflict.On August 9th, Cypriot Energy Minister Michael Damianos stated in an interview with US media that Cyprus is expected to begin supplying natural gas from the Eastern Mediterranean to Europe as early as March 2028. Damianos told the Associated Press that the Ukraine crisis and the Middle East conflict have destabilized global energy markets, prompting European countries to diversify their energy sources, and offshore gas fields in the Eastern Mediterranean are increasingly becoming an alternative supply route.On August 9th, a Reuters poll of economists predicted that the U.S. overall CPI annual rate would fall to 3.4% in July from 3.5% in June, while the core CPI annual rate would fall to 2.5% from 2.6% in the previous month. Economists at Citigroup believe that, as expected, if inflation readings soften for the second consecutive month, it would mean that more than one months data points to easing inflationary pressures, essentially ruling out a September rate hike. However, economists also expect core services inflation to rise slightly in July, with prices increasing by 0.3% month-on-month. This figure was flat in May and June. Bank of America analysts stated that the rebound in core services indicators may keep a September rate hike on the table. Analyst Kate Duguid said that if the latter view prevails, and inflation data is lower than expected, then the Feds rate hike may be postponed until December or later.

S&P 500 (SPY) Remains Under Pressure As Traders Cannot Find Positive Catalysts

Jimmy Khan

Sep 01, 2022 14:48

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S&P 500 Attempts To Level Off At 3980

As there are not enough triggers for equities to recover from the recent sell-off, the S&P 500 is now trading close to the support at the level of 3980.


According to the ADP Employment Change report, which was just issued by the U.S., private firms gained 132,000 jobs in August as opposed to 268,000 in July.


The labor market is clearly slowing down, but because rising inflation is still the major issue, it is unclear if the Fed will pay heed to this slowdown.


Additionally, traders should be aware that the market-moving Non Farm Payrolls data, which will be issued on Friday, and the ADP Employment Change report often provide different image.


Technically, the S&P 500 is attempting to settle below the 3080 support level. The modest effort to recover encountered significant opposition close to the 4000 level. If the S&P 500 manages to close below 3980, there is plenty of potential for more downward momentum, and it may go swiftly below the next support around 3950.


After a strategic update, Bed, Bath & Beyond declines


Trading is turbulent today since there aren't any encouraging market triggers. After the significant sell-off in recent trading sessions, the selling pressure is, however, less fierce.


Following the publication of its strategy update, Bed, Bath & Beyond's stock is down 22%. The corporation will liquidate 150 outlets and eliminate 20% of its workforce. Bed, Bath & Beyond will begin an at-the-market offering campaign for up to 12 million shares of common stock to increase liquidity. The major cause of the sell-off is the impending stock offering.


Following the announcement of the company's third quarter fiscal 2022 results, HP is down 7%. Revenue forecasts were missed by the corporation, and guidance for the whole 2022 period was reduced.


Snap increased 10% after announcing that it will lay off 20% of its employees. Even if the news boosted Snap stock, investors should be aware that many businesses have already made layoff announcements, which will have a negative effect on employment reports in the coming months.

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