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March 5 - A member of the Iranian Council of Experts said that Irans new Supreme Leader has been elected and "will be announced as soon as possible."Irans Islamic Revolutionary Guard Corps: In wartime, the right of passage through the Strait of Hormuz will be in Irans hands.Irans Islamic Revolutionary Guard Corps says it has hit a U.S. oil tanker in the northern Gulf, and the ship is currently on fire.On March 5th, Chinese unmanned delivery company Neolix temporarily suspended its daily operations of unmanned vehicles in Abu Dhabi, United Arab Emirates. The company stated that the suspension was to comply with the deployment requirements of relevant UAE government departments and to ensure the safety of personnel and team assets. A Neolix representative for its Middle East operations stated that they had been preparing for the large-scale operation of more unmanned vehicles in the UAE for the past few months, and a fleet of vehicles arrived in the country at the end of last month. The vehicles, technology, and operational systems are all ready. They will maintain close communication with local regulatory agencies and partners and arrange for the resumption of operations in due course.On March 5th, at a press briefing held by the State Council Information Office, Chen Changsheng, a member of the drafting group for the Government Work Report and deputy director of the State Council Research Office, stated that many scenarios mentioned in the report, such as biomedicine, aerospace, and the low-altitude economy, need to be opened up. These are important emerging fields that can grow into pillar industries. For example, the low-altitude economy has developed rapidly in the past two years and has already been well-utilized in some agricultural and forestry plant protection and patrol survey fields. Therefore, the next step is to accelerate the opening up of airspace resources and optimize and simplify the approval procedures for low-altitude economic flights to open up scenarios, enabling many places to utilize low-altitude logistics and urban governance. There are many other new scenarios, including service robots, which can also open up new space for private investment.

S&P 500 Drops More Than 2% As Traders Rush To Take Profits After Recent Rally

Cory Russell

Aug 23, 2022 14:37

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The Jackson Hole Symposium is being prepared for by traders.


As traders grabbed gains ahead of the Jackson Hole Symposium, which begins on August 25, the S&P 500 came under heavy pressure at the beginning of the week and dropped below the 4150 mark.


Concerns about the impending recession, a strong currency, and increasing rates have all helped to fuel the sell-off. However, it seems that after the robust comeback from June lows, traders were looking for a reason to cut their long holdings.


Bulls are concerned that Fed Chair Jerome Powell, who is set to speak on Friday, would say anything excessively hawkish even if the FedWatch Tool shows that there is a 56.5% likelihood of a 75 bps rate rise.


A 100 bps rate increase now seems very improbable, but traders often experience anxiety when they wish to take some winnings off the table.


Stocks of semiconductor companies fall as yields increase.


Stocks of semiconductor companies took a beating, and Intel dropped to multi-year lows. Today, rivals like AMD and NVIDIA have also seen a 3–4% reduction.


Although the price of certain companies in this market category, such as NVIDIA, has been heavily discounted, semiconductor stocks have been under pressure for months. They could be more susceptible to increasing rates at high valuation levels.


Ford pressured Dow Jones as it said it will eliminate 3,000 employees. Ford said that it intended to concentrate on software and electric cars.


The market is concerned that employment losses indicate that the demand for autos is not as robust as first anticipated. Manufacturers of electric vehicles like Tesla and Rivian have also declined today.


As AMCstock fell on concerns about Cineworld's insolvency, it was a hot day for fans of meme stocks. Concerns regarding Bed Bath & Beyond's financial stability caused the firm to lose more than 15% of its value. Meme stock prices may have difficulties as a result of the current market mood; they may come under more pressure in the future trading sessions.


In general, today's energy was the only place to hide. Due to the robust performance of the oil and natural gas markets, energy equities have gained support. Chesapeake and Range Resources' stock prices moved nearer to their annual highs.

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