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On May 19th, Capital Economics economists stated that although the Japanese economy had accumulated solid growth momentum before the Iran war, GDP growth is expected to stagnate this quarter and next. Capital Economics economist Marcel Tiliant pointed out that first-quarter data showed both household spending and business investment increased quarter-on-quarter, with a significant increase in exports exceeding a smaller increase in imports, providing impetus for economic growth. However, despite market speculation that fiscal policy under Prime Minister Sanae Takaichi would become more accommodative, government consumption slowed quarter-on-quarter, highlighting that the supplementary budget announced last November had not had a substantial impact on government spending. Meanwhile, consumer confidence declined sharply, and the fuel price cap only temporarily curbed inflation. Tiliant added that even if the Japanese government compiles a new supplementary budget to fund gasoline subsidies, it will at best only stabilize consumer spending.Reserve Bank of Australia meeting minutes: Previously anticipated that long-term inflation expectations could get out of control.Reserve Bank of Australia meeting minutes: The committee had previously considered whether to raise interest rates by 25 basis points or keep the rate at 4.10%.Tencent Music (01698.HK) shares rose more than 5% after the company announced the completion of its acquisition of Himalaya.Reserve Bank of Australia meeting minutes: The Committee will take necessary measures to meet its inflation and employment targets.

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.

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