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On September 14th, local time, Robert Brovdi, commander of Ukraines unmanned systems forces, announced on his official social media platform that Ukrainian drone and special operations forces had carried out a strike on the Kirish refinery in Leningrad Oblast, Russia. Leningrad Oblast Governor Drozdenko announced on the 14th that Russian air defenses had shot down four drones in Leningrad Oblast. The wreckage of the downed drones caused a fire within the Kirish refinery complex. The Kirish refinery is one of Russias five largest refineries, with an annual production capacity of approximately 20 million tons, primarily producing high-octane gasoline and various fuels.Ukrainian military: Ukraine attacked Russias Kirishi oil refinery.Ukrainian Navy: On the night of September 11, Ukrainian Navy forces attacked a communications node at the 184th Scientific and Experimental Base of the Russian Black Sea Fleet in Sevastopol, Crimea. The communications node is responsible for command and control of the Russian Black Sea Fleets forces.On September 14th, the immigration issue continued to tear British society apart. On September 13th, local time, two opposing demonstrations broke out simultaneously in central London. Over 100,000 people participated in an anti-immigration rally organized by the far right, while approximately 5,000 people participated in an anti-racism demonstration. To maintain order and separate the two groups of protesters, London police deployed over 1,000 officers to create a "quarantine zone." At the scene, physical clashes broke out between the anti-immigration demonstrators and police.According to the Financial Times on September 14, Tesla Chairwoman Robyn Denholm defended her decision to award Musk $1 trillion in stock options, calling him a "unique" CEO who must have exerted extraordinary effort and achieved "seemingly impossible goals" to earn this historic award. Denholm said in an interview: "To achieve the vision and goals weve set, hes going to have to invest an extraordinary amount of time, energy, and effort. This is by no means a walk in the park. This is an extremely ambitious project... If he can pull it off, hes entitled to an unprecedented reward." Denholm also defended the boards "hands-off" approach to Musks controversial political stances, emphasizing that he enjoys freedom of speech and possesses the unique qualities Tesla needs.

S&P 500 (SPY) Tests Support At 3635 As Dollar Moves Back To Yearly Highs

Jimmy Khan

Sep 28, 2022 15:09

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The S&P 500 tests annual lows

As traders continued to exit riskier assets, the S&P 500 lost momentum and reached fresh lows.


Near 3.98%, the yield on 10-year Treasury bonds reached fresh highs. The value of the US dollar increased as well, getting closer to its highs from yesterday. A strong dollar is detrimental to the stock market because it reduces multinational firms' profitability and deters overseas investors from buying equities.


Consumer-related equities including Keurig Dr. Pepper, Philip Morris, and Estee Lauder are among today's largest declines.


Since Treasury rates are approaching new highs, it is not unexpected that real estate equities are also declining. Due to their high levels of debt, REITs are vulnerable to fluctuations in yields.


In today's trading session, energy stocks advance as WTI oil recovers from recent lows. Over 2% gains have been made by Baker Hughes, Marathon Petroleum, and Valero Energy.


From a broad perspective, the market is still tense. The S&P 500 attempted to go higher today but was met with stiff resistance, indicating that traders are prepared to take advantage of upward movements to sell equities.


Currently, it seems that the market will keep falling if the U.S. dollar maintains reaching new highs. The main driving force in the near future will probably be the movement of the US dollar. When the American dollar retreats from highs, stocks may be able to recover.

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