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The U.S. National Hurricane Center: Marie is expected to begin weakening later today.Turkish Vice President Yilmaz: We expect to create 2.1 million new jobs by the end of 2029 and reduce the unemployment rate to below 8%.On September 6th, a special seminar on artificial intelligence (AI) was held for the Shanghai State-owned Assets Supervision and Administration Commission (SASAC) system. The seminar revealed that in recent years, the Shanghai SASAC has guided its supervised enterprises to deeply implement the "AI+" special action, accelerating the digital transformation of enterprises through AI. The focus has been on promoting four key shifts in AI applications: First, the application scope has shifted from key pilot projects to full coverage, now encompassing all supervised enterprises; second, the focus has shifted from emphasizing computing power supply to a balance between computing power networking, technological breakthroughs, and practical application scenarios, placing greater emphasis on the compatibility of AI technology with real business operations, data, and processes; third, the application form has shifted from question-and-answer assistance to intelligent execution, with applications such as intelligent agents and digital labor being rapidly embedded in investment research and consulting, architectural design, and supply chain scheduling; and fourth, the implementation method has shifted from decentralized implementation to ecosystem collaboration, with resources such as computing power, corpora, models, scenarios, and talent being rapidly coordinated.Turkish Vice President Yilmaz: Due to supply-side pressures from the war with Iran, the strong downward trend in inflation has temporarily stabilized.September 6th - According to Reuters, two sources familiar with the discussions revealed that OPEC+ will maintain its October oil production policy at its meeting on Sunday, as the oil-producing organization needs to agree on new quotas before deciding on its next production move. OPEC+ currently has a layer of production cuts in place, covering most of its 21 member countries, until the end of 2026. Before deciding how to gradually exit the production cuts and return production to the market, the organization needs to review member countries oil production capacity to set a production baseline for 2027 – which will serve as the basis for quotas. Sources previously indicated that this discussion might take place later in 2026, suggesting that OPEC+ might pause production increases in the fourth quarter.

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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