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On July 23, the State Administration for Market Regulation supported and guided e-commerce platforms to adopt various forms to provide credit repair services to merchants on the platform, to promote platform merchants to improve their credit level, restore development vitality, and promote the sustainable and healthy development of the platform economy. The State Administration for Market Regulation carried out a data sharing pilot, and opened credit repair data query and comparison to some e-commerce platforms on a pilot basis. A total of 4.501 billion data comparisons were provided, nearly 10 million platform merchants were checked, and 1.67 million merchants on the platform were found to be listed in the list of abnormal business operations. For the above-mentioned abnormal business operations, the State Administration for Market Regulation guided the relevant e-commerce platforms to send prompt information point-to-point in the form of in-site letters, emails, etc., to remind the dishonest merchants to repair their damaged credit in a timely manner. At the same time, e-commerce platforms are encouraged to add credit repair channels on the homepage of the portal website, provide credit repair guidelines, and guide merchants to carry out credit repair.U.S. Treasury Secretary Benson: I believe regional banks are strong contenders for the Federal Reserve Chairman candidate.U.S. Treasury Secretary Benson: The selection of Director Kuglers successor will be carried out simultaneously.U.S. Treasury Secretary Bessant: Trump has created the greatest negotiating leverage on the issue of tariffs.U.S. Treasury Secretary Benson: Powell has not yet indicated that he will leave his position on the board of governors.

S&P 500 (SPY) Dives To 3635 As Initial Jobless Claims Decline

Steven Zhao

Sep 30, 2022 15:00

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Investor Fears Regarding a Hawkish Fed

The Initial Jobless Claims data, which was better than expected, has caused investors to react negatively, and the S&P 500 is down more than 2% during today's trading session.


The figures revealed that just 193,000 Americans sought for unemployment benefits in one week, far less than the expert prediction of 215,000. The Fed claims that the labor market is still too tight. The study supported the robustness of the labor market. The Fed's need to raise rates rapidly in order to reduce demand and fight inflation would hurt stocks.


Auto stocks were under pressure after CarMax's profits and sales fell short of analyst projections. The stock is down 23% so far in today's trading. Traders think that Tesla, General Motors, and Ford have all dropped by 5-6% as a result of the effect that rising lending rates have had on the market for cars.


It is hardly surprising that tech shares have fallen today as the market prepares for higher interest rates. AMD, NVIDIA, and Apple among those that suffered the most losses in this market segment today.


Despite the oil market's rebound, the current sell-off is pervasive, and even energy stocks are under pressure. Since the market views the Fed's actions as the biggest danger to stocks, any news that signals the Fed will keep raising interest rates quickly causes a sell-off.

S&P 500 Tests Support At 3635

The 3635 support level continues to be the S&P 500's target closing price. Even if the RSI is virtually in oversold zone, if the right triggers occur, there is still a chance for additional bearish momentum.


If the S&P 500 closes below 3635, it will go toward the next support level at 3600. The S&P 500 will go closer to support at 3580 if this level is properly challenged.


For the S&P 500 during an upswing, the previous support level at 3660 will serve as the initial resistance level. If the S&P 500 climbs once more over this level, it will move toward the next hurdle at 3700. If the price rises over 3700, the resistance level at 3725 may be challenged.

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