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On September 5, U.S. Central Command issued a statement saying that on September 5, after the Iranian Islamic Revolutionary Guard Corps (IRGC) launched ballistic missiles at two U.S. Navy warships patrolling in regional waters, U.S. Central Command forces attacked three Iranian oil tankers. A U.S. aircraft carrier and a guided-missile destroyer successfully evaded multiple unprovoked attacks by Iran. There were no U.S. casualties. Following the failed Iranian attacks, U.S. Central Command permanently sank the IRGC oil tanker "Downy" near Harqa Island and the oil tanker "Stark 1" near Jask. The U.S. military also completely destroyed the unloaded oil tanker "Kailo" (also known as "Noxson") in the Gulf of Oman. After the crew was ordered to abandon ship, the U.S. military struck several key parts of the ship, rendering it unable to continue sailing. These three Iranian oil tankers belonged to a secret network worth billions of dollars that financed the IRGC and its regional proxies. Iran was unable to protect these tankers.U.S. Central Command: The United States retaliated against Irans ballistic missile attack on two U.S. Navy warships.U.S. Central Command: U.S. forces attacked three Iranian oil tankers.September 5th - According to tanker tracking agency Tankertrackers, satellite images released today show that the VLCC supertanker "DOWNY," owned by the National Iranian Tanker Company (NITC), was attacked. The vessel was currently empty of oil cargo and in a ballast-less state. This type of vessel is typically targeted by the US Central Command in retaliation for Iranian attacks on tankers passing through the Strait of Hormuz. Satellite images show frequent activity from multiple tugboats around the vessel, a finding corroborated by Automatic Identification System (AIS) data, with the activity beginning around 12:45 PM Beijing time today. This activity was concentrated on the port stern (lower left corner of the vessel), suggesting an attack on the engine room, most likely by a US Hellfire missile. No signs of fire or smoke were observed in thermal imaging.September 5th - According to Axios, Republican confidence in the economy has plummeted at an unprecedented rate since the pandemic began over the past six months, a decline comparable to that during the global financial crisis nearly two decades ago. Typically, the ruling party is more optimistic about the economy, while the opposition is far more pessimistic. However, the current situation is unusual; even with Republicans in the White House, Republican voters are increasingly negative about the economy this year. With only two months left until Election Day, this adds another ominous sign for Trump. The director of the University of Michigans consumer survey stated that most of the time, Republican and Democratic confidence in the economy moves roughly in parallel, but this is not the case now. Republicans initially had very positive expectations for the governments economic policies (including tariffs), but they have seen neither a slowdown in inflation, let alone the price reductions promised by Trump.

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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