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1. All three major U.S. stock indexes closed higher. The Dow Jones Industrial Average rose 0.48% to 46,565.74 points, the S&P 500 rose 0.72% to 6,575.32 points, and the Nasdaq Composite rose 1.16% to 21,840.95 points. Boeing rose more than 4%, and Caterpillar rose more than 3%, leading the Dow Jones gains. The Wind U.S. Tech Big Seven Index rose 1.13%, with Google rising more than 3% and Tesla rising more than 2%. The Nasdaq China Golden Dragon Index rose 0.31%, with Zai Lab rising more than 8% and Hesai Technology rising more than 7%. 2. All three major European stock indexes closed higher. The German DAX rose 2.73% to 23,298.89 points, the French CAC40 rose 2.1% to 7,981.27 points, and the UK FTSE 100 rose 1.85% to 10,364.79 points. The rapid easing of geopolitical tensions in the Middle East boosted European stock markets and led to a decline in oil prices, alleviating inflationary pressures and energy cost concerns. This provided room for the European Central Bank to adjust its monetary policy and enhanced the attractiveness of risk assets. 3. Most US Treasury yields rose: the 2-year yield rose 1.01 basis points to 3.803%, the 3-year yield rose 1.73 basis points to 3.830%, the 5-year yield rose 1.22 basis points to 3.953%, the 10-year yield rose 0.20 basis points to 4.319%, and the 30-year yield fell 1.33 basis points to 4.899%. 4. The WTI crude oil futures contract closed down 2.44% at $98.91 per barrel; the Brent crude oil futures contract fell 3.59% to $100.24 per barrel. First, market expectations for a US-Iran ceasefire and the withdrawal of US troops from Iran have increased, significantly easing concerns about supply disruptions in the Strait of Hormuz, which had previously supported oil price increases. Second, US crude oil inventories rose far more than expected last week, reaching near-record highs, further pressuring oil prices due to expectations of ample supply. Third, the US plan to release strategic petroleum reserves also put downward pressure on oil prices. 5. International precious metals futures generally closed higher, with COMEX gold futures rising 2.27% to $4784.60 per ounce and COMEX silver futures rising 0.38% to $75.20 per ounce. Crude oil prices retreated from their highs, easing inflationary pressures. Meanwhile, the US dollar index fell for the second consecutive day to around 99.4, making dollar-denominated precious metals more attractive to holders of non-US currencies. 6. London base metals rose across the board. LME lead rose 1.89% to $1,939.0/ton, LME zinc rose 1.77% to $3,283.5/ton, LME aluminum rose 1.75% to $3,527.5/ton, LME tin rose 1.50% to $47,450.0/ton, LME copper rose 1.11% to $12,472.5/ton, and LME nickel rose 1.02% to $17,285.0/ton.Japan Meteorological Agency: Following the earthquake near Indonesia, there may be slight sea level changes along the Japanese coast, but no tsunami is expected.The U.S. tsunami warning system warned that following the earthquake, some coastal areas of Indonesia may experience tsunami waves 0.3 to 1 meter above the tide level.The China Earthquake Networks Center officially reported that a 7.4-magnitude earthquake occurred in the Maluku Strait of Indonesia at 06:48 on April 2, with a focal depth of 30 kilometers.The U.S. tsunami warning system warns that tsunami waves triggered by the earthquake may occur along the coasts of Indonesia, the Philippines, and Malaysia within 1,000 kilometers of the epicenter.

S&P 500 Heads Towards The 4000 Level As Treasury Yields Decline

Cory Russell

Nov 23, 2022 16:13

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Energy Stocks Rise as WTI Oil Heads in the Direction of The S&P 500 index rose to a level of $82 as energy firms recovered from yesterday's decline. In today's trading session, shares of Marathon Petroleum, APA Corporation, and Hess Corporation all increased by 5%.


Today, basic materials stocks have also had significant positive momentum, notably those of the producer of copper Freeport-McMoRan and the manufacturer of fertilizer Mosaic.


The S&P 500's largest gainer today was Best Buy. After the store exceeded analyst expectations, increased full-year guidance, and started up its buyback program, the stock increased by 11%.

While this was happening, traders' attention was diverted to Dollar Tree's 9% loss due to the weak earnings outlook.


The NASDAQ Composite, which is heavily weighted toward technology stocks, rose 0.8%. It's interesting to note that Tesla was able to rise above yearly lows despite concerns that it would lower pricing in China because to sluggish demand.


Overall, the recovery was significant, and all market segments were able to pick up positive momentum during today's trading session. Today, a weaker US currency and lower Treasury yields gave stocks significant assistance.