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Cleveland Fed President Hammark, a 2026 FOMC voting member, will speak in ten minutes; the EIA will release its monthly Short-Term Energy Outlook report in ten minutes.The German DAX 30 index closed down 1.37 points, or 0.01%, at 25,003.37 on Tuesday, February 10th; the UK FTSE 100 index closed down 32.01 points, or 0.31%, at 10,354.22 on Tuesday, February 10th; the French CAC 40 index closed up 4.60 points, or 0.06%, at 8,327.88 on Tuesday, February 10th; European... The Stoxx 50 index closed down 10.85 points, or 0.18%, at 6048.16 on Tuesday, February 10; the Spanish IBEX 35 index closed down 70.89 points, or 0.39%, at 18124.21 on Tuesday, February 10; and the Italian FTSE MIB index closed down 26.31 points, or 0.06%, at 46796.50 on Tuesday, February 10.According to sources, Venezuela has resumed oil exports to Israel after Maduros overthrow, and has shipped its first shipment of crude oil to Israel.On February 11th, Michael Pfister of Commerzbank stated in a report that the European Central Bank (ECB) may struggle to address the recent strength of the euro, as the factors driving this trend are beyond its control. Since hitting a low in August 2022, the euro has appreciated by over 15% on a trade-weighted basis, but this largely reflects the weakness of other currencies. The euro often benefits when other currencies face political crises, but this is detrimental to eurozone exports. ECB officials also emphasized that the euros appreciation is primarily expected to occur in the first quarter of 2025, when Germany announces its fiscal plan and the dollar weakens significantly. Pfister stated that the ECB is only likely to react more strongly if the euros appreciation becomes more pronounced.The main Shanghai silver futures contract fell by more than 2.00% intraday, currently trading at 20,142.00 yuan/kg.

S&P 500 Pulls Back As Traders Worry That China’s COVID Curbs May Hurt Global Growth

Skylar Shaw

Nov 22, 2022 15:49

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At the beginning of the week, the S&P 500 is declining

As traders worried that the growing number of coronavirus infections in China might hinder global economy and cause further supply chain issues, the S&P 500 retreated toward the 3940 level. The heavily tech-weighted NASDAQ Composite fell more than 1% as a result of a significant sell-off in the tech industry.


Energy stocks, which have come under intense pressure since a WSJ story said that Saudi Arabia and other OPEC+ members may negotiate a production increase of 500,000 bpd, were the main driver of today's decline.


Saudi Arabia has categorically refuted this allegation, and WTI oil has now risen back around the $80 mark after falling as low as $75.50. Energy stock prices, meanwhile, continued to decline. In today's trading session, shares of Diamondback Energy, Halliburton, and Marathon Oil fell by 3% to 5%.


Leading tech stocks have decreased today as well. Tesla, which is vulnerable to news out of China, fell 6% and hit annual lows below $170.


Following Bob Iger's appointment as CEO once again, Disney stock opened close to $100. After the huge increase, the stock fell towards the $97 mark as investors took their profits.


From a broad perspective, additional encouraging triggers are required for the S&P 500 to keep rising. Before Thanksgiving, when trading activity is often slower, it is to be seen whether traders would discover such catalysts.

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