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According to disclosures by the Hong Kong Stock Exchange, Goldman Sachs increased its long position in XPeng Motors (09868.HK) from 4.58% to 5.33% on March 10, 2026.Jefferies raised its price target for ExxonMobil (XOM.N) from $149 to $178.March 16th - We expect the Reserve Bank of Australia (RBA) to raise interest rates by 25 basis points at its meeting on Tuesday, followed by another 25 basis point hike in May. We then expect the RBA to pause rate hikes to assess whether the increase in the cash rate is sufficient to curb inflation risks. We believe the risks to the 4.35% terminal interest rate forecast are skewed to the upside. The Middle East conflict has now moved beyond a short-term geopolitical shock and entered a phase where oil supply shortages may be more prolonged. The most definite and immediate impact of the Middle East conflict on Australia is rising inflation. Demand will also be somewhat damaged by affecting disposable income, but the timing and extent of this impact are uncertain. Given that inflation is above target and the labor market is considered strained, inflation risks are likely more central to the Committee than risks to economic activity. Escalating inflation risks will exacerbate these concerns, thus increasing the urgency to curb inflation expectations.March 16th - According to the Financial Times, restaurants in India have stopped using frying as a cooking method due to the natural gas crisis. The war between the US and Israel against Iran has disrupted global energy supplies, and South Asia, heavily reliant on natural gas from Gulf states, is among the hardest-hit regions. Indian Prime Minister Modi told the Indian people "there is no need to panic," but reports of hoarding, theft, and price gouging are rampant in the worlds most populous country as people rush to buy increasingly scarce liquefied petroleum gas (LPG) cylinders (primarily used for cooking). Pakistani Prime Minister Sharif, in a national address, stated, "If this situation continues to worsen, these prices will certainly get out of control."The Philippine House of Representatives has authorized President Marcos to suspend the fuel tax.

S&P 500 Tests Support At 4000 As Risk Appetite Declines

Jimmy Khan

Dec 06, 2022 15:39

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As the ISM Services PMI Report exceeded analyst expectations, stocks are under heavy pressure.


As traders' risk appetite decreased following the release of the better-than-expected ISM Services PMI report, the S&P 500 fell toward the 4000 mark. The unexpected report caused the 10-year Treasury bond yield to increase to 3.60%, which was negative for stocks.


Energy equities, which fell lower as a result of the sell-off in the oil markets, were the main drivers of today's decline. In the energy sector today, Halliburton, Marathon Petroleum, and Marathon Oil were among the greatest losers.


Tech companies, which are sensitive to yield swings, are also under a lot of pressure right now. The heavily tech-focused NASDAQ Composite fell by more than 2%.


Following allegations that the business might reduce manufacturing in China, Tesla's stock fell by 6%. Despite Tesla's denial of the reports, the stock was still under a lot of stress.


Looking at the big picture, the strong PMI report caused a second wave of profit-taking following the robust rise, which drove the S&P 500 from 3500 to 4100.


On Friday, speculators who were ready to wager that the robust rally would continue promptly purchased the retreat. However, the ISM Services PMI report added to stock market pressure, and there are currently no signs of any purchasing activity.

Tests Support At 4,000 for S&P 500

The S&P 500 will advance toward the support at the 20 EMA at 3975 if it is able to settle below the 4000 mark. The S&P 500 will be pushed toward the support of 3960 if it moves below the 20 EMA. The next support level, at 3940, will be reached if the S&P 500 declines below this level.


The prior support level at 4015 will act as the first resistance level for the S&P 500 on the upside. In the event that the S&P 500 returns to being above this point, it will move toward the resistance at 4040. If the resistance at 4040 can be tested successfully, the resistance at 4070 can be tested after that.

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