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On August 29th, according to "Optics Valley of China," Wuhan Xinxin Semiconductor Manufacturing Co., Ltd. (Wuhan Xinxin) released its "Chip-Optics Plan." Over the next ten years, the company will be strategically guided by "optical sensing interconnection and 3D in-memory computing," building an internationally competitive specialized process wafer manufacturing and 3D integration industrial platform. It aims to create the leading industry cluster in "3D Link-Optoelectronic Fusion-SOI," striving to quadruple its production capacity, drive the coordinated development of a trillion-yuan-level upstream and downstream industrial chain ecosystem, and attract and cultivate over 10,000 high-end semiconductor talents.August 29th - The State Administration for Market Regulation released data today (August 29th) showing that 35,000 new foreign-invested enterprises were established nationwide in the first half of the year, a year-on-year increase of 7.0%. In terms of investment regions, the growth of foreign-invested enterprises in major export provinces and border provinces was driven by both. In the first half of the year, the growth rates of newly established foreign-invested enterprises in major export provinces such as Hainan, Shandong, Guangdong, and Jiangsu were 38.6%, 15.2%, 8.1%, and 6.8%, respectively; while the growth rates in border provinces such as Heilongjiang, Inner Mongolia, Guangxi, and Jilin reached 79.5%, 29.1%, 16.6%, and 12.0%, respectively.On August 29th, it was reported that a landslide dammed lake had formed near the confluence of the Tsogyal River in Nepal and the Purupuqiangzangbu River in my country, caused by the mudslide that occurred on the Nepalese side on August 26th. According to satellite remote sensing imagery taken at 7:38 AM on August 29th, the surface area of the Purupuqiangzangbu landslide dammed lake was 99,000 square meters, a decrease of 5,000 square meters compared to 12:00 PM on the 28th and a decrease of 21,000 square meters compared to the 27th. This indicates that the landslide dam is slowly overflowing and the water volume is gradually decreasing.On August 29th, OpenAI announced on its X platform that it will be terminating its partnership with its AI programming assistant Cursor following its acquisition by SpaceX. In another post on its website, OpenAI stated that it had notified Cursor of the phased termination of the contract, with a proposed shutdown date of November 12th. The post read, "We made this choice because, based on past experiences of Musks companies breaching contracts, we cannot be certain that SpaceX will use our technology within the scope of our terms of service."Nepalese police: The death toll from the Nepal floods has risen to 626.

S&P 500 Pulls Back As Amazon And Alphabet Test New Lows

Alice Wang

Nov 02, 2022 16:35

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As traders get ready for a key Fed decision, stocks decline.


Today's JOLTs Job Openings data topped forecasts, which kept the S&P 500 under pressure. As prospects for a less aggressive Fed evaporate, strong employment market data is negative for markets.


Additionally, it seems that traders sought to lock in some gains before tomorrow's publication of the Fed Interest Rate Decision.


The S&P 500 was under a lot of stress today due to the share sales at Amazon and Alphabet, while the Nasdaq Composite was pushed close to the 10900 mark. Although Meta was able to recover from multi-year lows, it is still unclear whether the company will be able to sustainably increase its price momentum in the next trading sessions.


Stocks of basic materials and energy surged up at the same time as the commodities markets generally recovered. Freeport-McMoran, the world's largest copper producer, increased by nearly 4%, while Baker Hughes, a provider of oil services, increased by more than 3%.


Investors are expected to pay close attention to AMD earnings in the post-market session. The company's $5.57 billion in sales and $0.67 per share in profits fell short of analyst expectations in all categories. AMD anticipates reporting sales in the range of $5.2 billion and $5.8 billion for the fourth quarter. Despite the sales projection for the next quarter implying no increase, the stock was able to pick up positive momentum and climb beyond the $61 barrier.


After the business presented its quarterly report, which showed that net bookings for the previous twelve months were $7.4 billion, up 4% on an annual basis, the shares of Electronic Arts fell by 2% in the post-market session. Due to the strong U.S. dollar, the business said that it anticipated a negative FX effect of around $200 million.

Strong Resistance Awaited S&P 500 Near 3915

The S&P 500 retreated into the 3860 level after failing to hold above the support at 3915. In recent trading sessions, the resistance at 3915 was put to the test many times, demonstrating its durability. If the S&P 500 is able to hold above this point, it will pick up speed and proceed upward into the next resistance level at 3960. A rise over this point will allow for the testing of the 4000 level resistance.


To continue its drop, the S&P 500 has to close below the support around the 50 EMA at 3835 on the support side. 3805 is where the next support level is situated. S&P 500 will move in the direction of the next support at 3760 if it drops below this level.

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