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The Federal Reserve accepted a total of $105.993 billion from 49 counterparties in its fixed-rate reverse repurchase operations.On January 1st, JPMorgan Chase stated that the US labor market has cooled after a year of economic and financial market turmoil, and is expected to show a slowdown at the start of 2026 followed by a gradual improvement in the second half. A forecast report released earlier this month by the bank indicated that the weakening momentum in job growth in 2025 can be attributed to business uncertainty caused by tariffs and trade policies. Economist Michael Ferroli stated, "Therefore, businesses continue to face difficulties in both long-term and short-term planning, with both layoff and hiring rates remaining low. When businesses lack confidence in the situation over the next six months, they tend to be cautious about large-scale increases or decreases in staff." Furthermore, the Trump administrations immigration controls and deportations have been more stringent than expected. The reduced labor supply, coupled with a relatively stable labor force participation rate, means that the monthly job creation needed to maintain a stable unemployment rate may plummet from 50,000 to just 15,000. Although the rate of job growth is slowing, the unemployment rate is expected to continue to rise gradually.U.S. Special Envoy Witkov: Focus on how to advance discussions on ending the Russia-Ukraine conflict, including strengthening security guarantees and developing a de-escalation mechanism.According to sources and shipping data, Venezuela’s remaining fuel stocks are nearing capacity limits as exports have almost come to a standstill.EIA Natural Gas Report: For the week ending December 26, total U.S. natural gas inventories were 3.375 trillion cubic feet, down 38 billion cubic feet from the previous week and down 55 billion cubic feet from the same period last year, a year-on-year decrease of 1.6%, while 58 billion cubic feet higher than the 5-year average, an increase of 1.7%.

S&P 500 (SPY) Remains Mixed In Choppy Trading

Cory Russell

Sep 20, 2022 14:37

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Healthcare Stocks Drop Following Biden's Remarks It's a Pandemic

The S&P 500 is trying to close below 3850 as Treasury rates continue to rise in advance of the Fed Interest Rate Decision. The yield on 2-year Treasuries is attempting to settle above the 3.95% mark as traders brace themselves for an aggressive Fed.


It should be emphasized that the retreat today is not significant. The worst-performing equities today are in the healthcare sector after U.S. President Joe Biden declared the epidemic to be finished. In today's trade, Moderna's shares fell by roughly 10% while Pfizer lost 2%.


Large-cap tech stocks perform inconsistently. While Microsoft is reaching new lows, Apple is recovering from the most recent setback.


Along with the oil markets, energy equities recovered from their session lows. Leading oil companies Exxon Mobil and Chevron, however, have not been able to return to the positive zone.


Trading will probably continue to be tense before the Fed announcement. The big issue is whether Fed Chair Jerome Powell gives a hawkish signal since markets have already factored in a 75 basis point rate increase.


Traders are now concerned that abrupt rate increases could cause the economy to enter a true recession, which will result in job losses and lower corporate earnings. Given this, the market will react quite strongly to Powell's remarks.

Support Remains Solid at 3850

S&P 500 dropped below 3885 and is now testing support at 3850. Since the RSI is still in the positive range, there is still plenty of space for more downward momentum to develop should the proper triggers materialize.


The S&P 500 will go toward the next support level at 3825 if it manages to settle below 3850. The next support at 3800 will be tested if this level is successfully tested.


The S&P 500's closest upward resistance level is found at 3885. The S&P 500 will go toward the next barrier at 3900 if it rises again above this level. The S&P 500 will be pushed toward the barrier of 3920 if it moves over 3900.

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