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On September 6th, it was reported that Ashok Elluswamy, Teslas AI head, stated this week that Teslas Robotaxi self-driving taxis are not far from achieving "24/7 operation." In response to a user hoping to use Cybercab late at night, he replied that this capability will be available "around next month" after the integration of "the next technology planned for v15." Currently, Teslas Robotaxi service operates 7 days a week in the US, from 6:00 AM to 10:00 PM daily, covering multiple cities including Austin, Dallas, Houston, Miami, Orlando, and Tampa.On September 6, Russian Presidential Aide Ushakov said early on the 6th that President Putins meeting with US President Trumps special envoy Witkov and son-in-law Jared Kushner at the Kremlin on the evening of the 5th lasted more than three hours and was substantive and "constructive." Ushakov said that the Russian side made a clear and comprehensive assessment of the current situation, including the situation developing during the special military operation. In particular, the Russian side pointed out the actual progress made by the Russian army in the theater of operations and expressed confidence in achieving its established objectives, while also emphasizing the necessity of eliminating all the root causes of the conflict. Ushakov stated that Russia reiterated its willingness to continue working with the US to seek a solution through political and diplomatic means. Both sides confirmed that the two presidents will continue to maintain direct contact.Russian Presidential Aide Ushakov: Putin is prepared to cooperate with the United States to seek a diplomatic solution to the Russia-Ukraine issue.September 6 - According to the Islamic Republic News Agency (IRNA), the public relations department of the Iranian Islamic Revolutionary Guard Corps issued a statement on September 5 denying that the Isfahan nuclear technology center and nuclear facilities had been attacked, calling the related reports purely fabricated. The statement said that spreading such content during the current sensitive situation is an attempt by hostile forces to create tension, disrupt public opinion, and incite public panic.September 6 - According to Irans Fars News Agency, a deputy political official of the Iranian Revolutionary Guard Navy stated that in the 10 days leading up to August 30, Iranian naval forces were "punishing" two to five "violations" of regulations every night in the Strait of Hormuz. The official added that the US attacks "did not cause the slightest disruption to Irans control in the region."

S&P 500 Gains 0.4%, Hits Fresh Three-month Highs Above 4,300 Despite China Growth Worries

Skylar Shaw

Aug 16, 2022 14:58

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Despite concerns about China's growth, indices rise

Major US equity indexes were protected from worries about the future for global economic growth on Monday in the aftermath of dismal July economic activity statistics out of China during the overnight session by a decline in US treasury rates, which boosted rate-sensitive large tech/growth firms. The People's Bank of China, the country's central bank, unexpectedly slashed interest rates to relieve financial conditions in response to the negative economic indicators for China.


A slowdown in China's growth might help quell the inflationary pressures that have compelled the Fed to tighten monetary policy aggressively this year. It could also result in a slowdown in US growth that could discourage future major tightening. Analysts said that recent data that 1) revealed that US pricing pressures had now peaked and 2) indicated that the US economy was still expanding in early Q3 as well as 3) recent better-than-expected company results were all encouraging for stock prices for US equities.


The S&P 500 finished the trading day on Monday up around 0.4%, crossing the 4,300 mark for the first time since May 4 and bringing its run of gains from the lows in the low 3,700s in July to almost 15%. The Dow Jones Industrial Average increased by 0.45% to reach its 200-Day Moving Average for the first time since April 21. The Nasdaq 100 index increased by 0.75% to reach its highest level since late-April in the 13,600s.

Investors Prepare for Heavyweight Retailor Earnings and US Retail Sales Data

Energy, one of the eleven S&P 500 GICS sectors, had the poorest performance, dropping 2.0% after a steep decline in oil prices due to worries about China's consumption. Other than the materials industry, industrial metals prices saw a significant decline. The consumer staples (+1.05%), consumer discretionary (+0.6%), and information technology (+0.6%) sectors outperformed all other sectors in terms of growth. Tesla was the top-performing large-cap stock, gaining 3.1%.


The retail industry will be in the spotlight this week due to 1) the publication of the US Retail Sales numbers for July on Wednesday and 2) the profits from industry giants including Walmart, Target, and Home Depot. Along with a number of other tier 2 data releases this week, including the regional PMIs for August, which will provide an early indication of how the US economy is doing this month, the minutes from the Fed's July policy meeting are also scheduled to be released on Wednesday.

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