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February 23 – The 9th Congress of the Workers Party of Korea continued on February 22. The meeting discussed and revised the Workers Party Constitution and elected members of the Central Leadership. The Congress expressed its full support for and endorsement of the proposal to re-elect Kim Jong Un to the highest position in the Workers Party of Korea, and elected him as General Secretary of the Workers Party of Korea. The meeting also elected members and alternate members of the Central Committee of the Workers Party of Korea. Kim Jong Un, Pak Thae Song, Jo Yong Won, Ri Il Hwan, and 139 others were elected as members of the Central Committee of the Workers Party of Korea.February 23 - Analysts say that as skepticism surrounding artificial intelligence grows, Wall Street is increasingly worried that the chip giants earnings this week will drag down its stock price. Nvidias stock has been trading sideways for months, rising only 1.7% since the beginning of the fourth quarter of last year, slightly below the S&P 500s 3.3% gain over the same period. Nvidias recent lackluster performance is largely due to increased investor concerns about spending hundreds of billions of dollars on AI development, leading to capital outflows from large-cap tech stocks. However, the stock market also faces numerous external risks, including geopolitical instability and reduced expectations of interest rate cuts. All of this puts Nvidia in a delicate position when it releases its fourth-quarter and fiscal year results on Wednesday. Investors expect its results to far exceed Wall Street expectations and raise forecasts for the coming quarters. But the company may have little to do or say to drive a meaningful rise in its stock price. Nvidias stock price has fallen after its last two earnings releases.February 23 - On February 22, local time, Greenlands Prime Minister Jens-Frederic Nielsen stated on social media that Greenland has no intention of accepting a hospital ship that US President Trump planned to send to the island. Nielsen posted on Facebook that day, "The answer here is: No, thank you." He stated that Greenlanders enjoy free healthcare, a system that is a "basic component" of local society, "unlike the United States, where you have to pay for medical care."February 23 – The Iranian Foreign Ministry stated that its foreign minister and Iraqi foreign minister held a telephone conversation on Sunday evening. During the call, they reviewed and discussed the latest regional and international situation. The Iranian foreign minister briefed Iraq on the progress of the Iran-US nuclear negotiations. The Iraqi foreign minister emphasized Iraqs support for the ongoing diplomatic process and expressed hope that the ongoing talks would yield favorable results for Iran and bring peace and stability to the region.On February 23, local time, European Parliament International Trade Committee Chairman Alain Lange announced via social media that he would propose a suspension of the European Parliaments ratification of the EU-US trade agreement due to the "chaos" caused by the US Supreme Courts ruling that the US governments massive tariff policies were illegal. Lange stated that clear stipulations and legal certainty are needed before any further measures can be taken, and he will formally propose on the 23rd that the European Parliament temporarily freeze the ratification process of the trade agreement with the US until a proper legal assessment and clear commitment from the US are obtained. The EU-US trade agreement was reached last July, with the US imposing a 15% tariff on EU goods imported into the US.

Apple Propels Wall Street to A Substantially Higher Closing Price

Charlie Brooks

May 18, 2022 10:03

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Wall Street closed Tuesday significantly higher, led by Apple, Tesla (NASDAQ:TSLA), and other mega cap growth firms, as April's robust retail sales allayed fears of an economic slowdown.


Ten of the eleven major S&P sector indexes rose, with the financials, materials, consumer discretionary, and technology sectors all gaining more than 2 percent.


Investors were pleased to learn that U.S. retail sales rose 0.9% in April as customers purchased automobiles in response to an improvement in supply and dined at restaurants.


Recent underperformers Microsoft Corp (NASDAQ:MSFT), Apple Inc (NASDAQ:AAPL), Tesla Inc, and Amazon (NASDAQ:AMZN) pushed the S&P 500 and Nasdaq higher by between 2% and 5.1%.


The broad rally on Tuesday follows several weeks of selling on the U.S. stock market, during which the S&P 500 reached its lowest level since March 2021.


"The major segments of stocks that investors often purchase have been substantially depressed. They are either in a market correction or bear market "According to Defiance ETF's chief investment officer, Sylvia Jablonski. I believe investors are seeking opportunities to buy on the drop, and today may be a good time to do so.


Citigroup (NYSE:C) climbed over 8 percent after Warren Buffett's Berkshire Hathaway (NYSE:BRKa) reported a roughly $3 billion investment in the U.S. lender. The S&P 500 Banks index increased by 3.8%.


Another set of economic data revealed that industrial production increased by 1.1% in April, exceeding forecasts of 0.5% and outpacing the 0.9% increase in March.


Bill Adams, chief economist for Comerica (NYSE:CMA) Bank in Dallas, stated, "This is consistent with ongoing economic expansion in the second quarter and not a current recession."


Fed Chair Jerome Powell stated at an event on Tuesday that the Federal Reserve will "keep pushing" to tighten monetary policy until it is evident that inflation is dropping.


Traders estimate a probability of 85 percent for a 50-basis point rate hike in June.


The S&P 500 finished the session at 4,088.85 points, up 2.02%.


The Nasdaq increased by 2.76 percent to 11,984.52 points, while the Dow Jones Industrial Average increased by 1.34 percent to 32,654.52 points.


39 times so far in 2022, the S&P 500 has risen or lost 2 percent or more in a session, compared to 24 times in all of 2021. This demonstrates Wall Street's recent volatility.


GRAPHIC-S&P 500's busiest trades - https://fingfx.thomsonreuters.com/gfx/mkt/zgpomemlwpd/SPX by busiest trades.png


Walmart (NYSE:WMT) fell 11.4% after the retail giant lowered its annual profit prediction and signaled a damage to its margins. Since 1987, this was the largest one-day percentage decline for Walmart's stock.


Costco (NASDAQ:COST), Target (NYSE:TGT), and Dollar Tree (NASDAQ:DLTR) all declined between 0.8% and 3.2%.


United Airlines Holdings (NASDAQ:UAL) rose 7.9 percent after the company raised its revenue prediction for the current quarter, lifting shares of Delta Air, American Airlines (NASDAQ:AAL), and Spirit Airlines (NYSE:SAVE).


Concerns over the situation in Ukraine, increasing inflation, COVID-19 lockdowns in China, and aggressive policy tightening by central banks have obscured the first-quarter earnings season.


The S&P 500 is down about 14% so far in 2022, and the Nasdaq is off around 23%, hit by tumbling growth stocks.


Chinese stocks listed in the United States rose on expectations that China may soften its restrictions on the technology sector.


On the NYSE, advancing issues outweighed declining ones by a ratio of 2.92 to 1; on the Nasdaq, the ratio was 3.19 to 1.


The S&P 500 recorded one new 52-week high and thirty new lows, but the Nasdaq Composite recorded 24 new 52-week highs and 126 new lows.


Volume on U.S. exchanges was 12.0 billion shares, compared to a 20-day average of 13.3 billion shares.