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1. U.S. stock indexes closed mixed. The Dow Jones Industrial Average rose 0.1% to 50,188.14 points, setting a new closing high. The S&P 500 fell 0.33% to 6,941.81 points, and the Nasdaq Composite fell 0.59% to 23,102.47 points. Disney and Home Depot rose more than 2%, leading the Dow Jones gains. The Wind U.S. Tech Big Seven Index fell 0.59%, with Google falling more than 1%, Facebook falling nearly 1%, and Intel falling more than 6%. The Nasdaq China Golden Dragon Index rose 0.87%, with Hesai Technology rising more than 6% and Zai Lab rising more than 6%. 2. European stock indexes closed mixed. The German DAX fell 0.11% to 24,987.85 points, the French CAC40 rose 0.06% to 8,327.88 points, and the UK FTSE 100 fell 0.31% to 10,353.84 points. 3. US Treasury yields fell across the board. The 2-year Treasury yield fell 2.49 basis points to 3.454%, the 3-year Treasury yield fell 3.96 basis points to 3.514%, the 5-year Treasury yield fell 3.99 basis points to 3.701%, the 10-year Treasury yield fell 5.94 basis points to 4.143%, and the 30-year Treasury yield fell 7.22 basis points to 4.785%. 4. International precious metals futures generally closed lower. COMEX gold futures fell 0.62% to $5047.90 per ounce, and COMEX silver futures fell 2.01% to $80.58 per ounce. Federal Reserve officials emphasized the independence of monetary policy and maintained current interest rates, easing market concerns about a hawkish stance from the Fed. This, coupled with speculative funds leaving the market, put pressure on precious metals. 5. Data from the American Petroleum Institute (API) showed that U.S. crude oil inventories increased by 13.4 million barrels last week, to $64.2 per barrel; Brent crude oil futures fell 0.04% to $69.01 per barrel.According to Futures News on February 11, the worlds largest silver ETF, iShares Silver Trust, increased its holdings by 25.36 tons from the previous day, with its current holdings at 16,216.45 tons.February 11 – Federal Aviation Administration (FAA) Administrator Bryan Bedford stated that he expects Canadian aviation regulators to move forward with the approval process for the Gulfstream jet after President Trump threatened tariffs and other retaliatory actions against Canada. Bedford told reporters, “I think we’ve resolved the issues with Canada.” He indicated that, to his knowledge, Transport Canada will announce the Gulfstream’s certification this week.Lyft (LYFT.O) CEO: No significant weakness in consumer demand was observed in the fourth quarter.The U.S. Federal Aviation Administration (FAA) stated that the Trump administration has resolved the aircraft certification issue with Canada.

S&P 500 Rebounds From Session Lows As Traders Shrug Off Bullard’s Comments

Cory Russell

Nov 18, 2022 17:08


Tech Stocks are Leading The Reply

The S&P 500 rises from its session lows and is approaching the positive zone as investors purchase stocks following the decline. Losses on the NASDAQ Composite have already been cut in half.


The hawkish remarks of Fed's Bullard, who said that the Fed might need to hike rates by 100 basis points in a dovish situation, caused traders to react negatively to stocks at the beginning of today's session. Bullard's pessimistic predictions would result in rates higher than 7%.


Unsurprisingly, the rise in Treasury yields and the value of the dollar was negative for stocks. The S&P 500 is under more stress as a result of the decline in commodity prices.


Nevertheless, despite a stronger currency and higher Treasury yields, the stock market was able to gather momentum to the upward. Due to Cisco's impressive earnings announcement, tech stocks took the lead in the recovery. Apple tested the 20 EMA at $146.35 before finding good support and returning to the $151.50 level.


The S&P 500's top performance today was the retailer Bath & Body Works. After the company outperformed analyst expectations for earnings and revenue and increased projections, the stock increased by 25%.


After Credit Suisse downgraded Norwegian Cruise Line Holdings from outperform to underperform, the stock fell by 6%. According to Credit Suisse, the stock is significantly overpriced in comparison to Royal Caribbean and Carnival, two of its competitors.


From a broad perspective, the S&P 500 bounce shows that traders are prepared to boost their long holdings during pullbacks and that market sentiment is still strong.