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On June 13, Iranian Foreign Ministry spokesman Bagaei said that the specific timing for signing a memorandum of understanding between Iran and the United States still needs to be awaited, and there are no plans for an overseas visit in the next day or two.Domestic News: 1. Six departments jointly issued the "Guidelines for the Classification and Grading of Financial Information Service Data". 2. Eleven departments, including the Ministry of Transport, jointly issued a document to promote the large-scale application of new energy heavy trucks. 3. Yu Xiaoping, former vice president of the Peoples Insurance Company of China, is under investigation. 4. The China Motorcycle Chamber of Commerce advocates consciously abandoning unethical business practices such as malicious low-price dumping and disorderly bidding for orders. 5. A spokesperson for the Ministry of Commerce answered reporters questions regarding the US Department of Defenses inclusion of some Chinese companies in the "List of Chinese Military Enterprises". International News: 1. "Sister Wood" sold AMD stock and bought $440 million worth of SpaceX stock. 2. Trump: US military killed Ninho Guerrero, leader of the "Aragua Trains" organization. 3. ECB Governing Council member Nagel: Even if the conflict ends, prices may remain high for a long time. 4. US capital is vying for Venezuelan oil fields, planning to create the first Venezuelan oil company listed on Nasdaq. 5. The US bans foreign entities from accessing Fable 5 and Mythos 5; Anthropic issued a lengthy rebuttal. 6. Middle East Situation—① Irans late Supreme Leader Khamenei will be buried on July 9. ② Lebanese sources: A new round of Lebanon-Israel talks will be held on July 22. ③ Pakistani Prime Minister: A US-Iran agreement is expected to be finalized within 24 hours, with electronic signing to take place immediately afterward. Technical negotiations are planned to begin next week. ④ Trump retweeted a tweet from the Pakistani Prime Minister regarding the possibility of signing a US-Iran peace agreement within 24 hours. ⑤ Iranian Foreign Ministry: A potential US-Iran memorandum of understanding is not a final agreement and will not be signed tomorrow, but completion within the next few days is not ruled out. ⑥ Media reports that an Iranian delegation will visit Pakistan on July 14. The Iranian Foreign Ministry denies this: There are no plans to visit Pakistan or Geneva in the coming days.On June 13, Iranian Foreign Ministry spokesman Baghae said that any potential understanding between Iran and the United States is merely to promote continued dialogue, not a final agreement; unfreezing Iranian assets will be an indispensable part of any Iran-US understanding. According to the Iranian Students News Agency, Baghae said during a meeting with media representatives that Irans current focus is on ending fighting on all fronts and regional tensions, and that it will not delve into the details of the nuclear issue at this stage. He said the only way to achieve regional security is to end the presence of foreign military forces in the region. Baghae emphasized that the unfreezing of Iranian assets is an important component of the understanding and will not be excluded. Current discussions also include addressing US hostile actions against Iranian vessels and issues related to the Strait of Hormuz. Baghae said that Iran will proceed with the utmost caution in advancing negotiations and the diplomatic process, while remaining vigilant based on past experience. If the other side refuses to fulfill its obligations, Iran can take countermeasures.A senior U.S. government official said: "We believe a trade agreement between the U.S. and India is possible, but we do not expect it to be finalized during the G7 meeting."A senior U.S. government official said a trade agreement with India is expected to be discussed at the G7 summit.

Stocks May See a Reversal As a Result of Bleak GDP Data

Cory Russell

Apr 29, 2022 10:22

Fundamental Analysis of the S&P 500 Index

After rebounding from a fresh low of 4,162.90, the broad stock market index recovered 0.21 percent on Wednesday. The S&P 500 index dropped to its local lows of roughly 4,160 in March. 


Despite quarterly corporate profits disclosures, it continued to fall. There is still a lot of uncertainty about the Fed's tightening monetary policy, as well as the Ukraine crisis. 


Following the publication of Facebook's quarterly earnings report yesterday, the S&P 500 index is predicted to start 1.1 percent higher this morning. However, following significantly poorer than anticipated quarterly Advance GDP figures (-1.4 percent vs. estimates of +1.1 percent), the market retraced some of its overnight gains.

Conclusion

Following recent drops, the S&P 500 index varied on Wednesday. The market ended the day higher, although it remained below the 4,200 level. 


The key Advance GDP announcement today came in substantially lower than predicted. We could see a "sell the rumor, buy the news" scenario here. Investors will also be watching for AAPL and AMZN to deliver their quarterly earnings reports today.

The following is a breakdown:


Yesterday, the S&P 500 index stuck below 4,200; it may seem contradictory, but today's worse-than-expected Advance GDP announcement may cause an upward reversal.