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Israeli Prime Minister Benjamin Netanyahu: Iran intended to attack us with missiles. If we hadnt acted in time, we wouldnt be here today.June 8th - The U.S. Department of Transportation stated on Monday that rising jet fuel prices, influenced by the situation in the Middle East, caused U.S. airlines fuel costs in April to surge 78% year-over-year, reaching nearly $6.5 billion. The Department of Transportations monthly report stated that airline fuel costs rose 26% from March, while fuel consumption in April decreased by 2.6% compared to March. The Department of Transportation added that the cost per gallon of fuel in April was $4.11, an increase of $1.81 from April 2025, a trend that has already impacted the industry. The International Air Transport Association (IATA) predicts that airline fuel expenditures will surge from approximately $252 billion in 2025 to approximately $350 billion this year, with fuel costs accounting for nearly one-third of operating costs.The Nasdaq 100 index extended its intraday gains to 2.5%. Marvell Technology (MRVL.O) is currently up 13.56%, Intel (INTC.O) is up 12.6%, and SanDisk (SNDK.O) is up 7.25%.The New York Fed reported that household concerns about their finances intensified in May, with the proportion of households believing their financial situation was much worse than a year ago rising to its highest level in nearly four years.The New York Fed: In May, expectations for home price increases over the next year jumped to 3.5%, the highest level since July 2022.

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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