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On July 14, European Commissioner for Trade and Economic Security Šefčović said that if the US-EU trade negotiations fail, the EU is ready to impose additional counter-tariffs on US imports worth 72 billion euros (about 84 billion US dollars). As the EU and the US are working to reach a trade agreement, US President Trump announced on the 12th that a 30% tariff will be imposed on EU imports from August 1. EU ministers held a meeting in Brussels on the 14th to discuss how to respond to Trumps latest statement and prepare countermeasures.Trump: I think we can reach an agreement with Putin.On July 14, Trump said that the United States will send more weapons to Ukraine. This statement shows that his patience is running out as Russia ignores his ceasefire request and intensifies military operations. Trump said: "We will not purchase weapons directly, but will produce them independently, and the relevant costs will be borne by them. The United States will send "the most advanced weapons." Trump did not specify what kind of weapons will be provided to Ukraine, only mentioning that these weapons will be used for supplementary replacement. He also said that if no agreement is reached within 50 days, the United States will impose a 100% "secondary tariff" on Russia. The details of Trumps decision also reflect Trumps priorities: this move will not cost the United States anything, and at least for now, Trump will not invest new US funds in Ukraine. The White House has not immediately explained how Trumps envisioned secondary tariff plan will work, but Trump has previously hinted that these tariffs will target countries that buy Russian oil.Trump: Russian President Vladimir Putin must save his country and economy.Germanys DAX30 index closed down 79.13 points, or 0.33%, at 24,160.85 points on July 14 (Monday); Britains FTSE 100 index closed up 58.06 points, or 0.65%, at 8,999.18 points on July 14 (Monday); Frances CAC40 index closed down 20.46 points, or 0.26%, at 7,808.83 points on July 14 (Monday); The STOXX 50 index closed at 5,368.85 points on Monday, July 14, down 14.63 points, or 0.27%; the Spanish IBEX 35 index closed at 14,034.21 points on Monday, July 14, up 37.11 points, or 0.27%; the Italian FTSE MIB index closed at 40,183.00 points on Monday, July 14, up 105.12 points, or 0.26%.

S&P 500 (SPY) Dives To 3850 As FedEx Report Highlights Recession Risks

Alice Wang

Sep 19, 2022 15:13

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S&P 500 Continues to Face Serious Pressure Just before the weekend

Following a poor FedEx fiscal Q1 report, the S&P 500 index climbed around the 3850 mark. Analyst expectations were not met by the report. Additionally, on June 23, 2022, FedEx retracted their profitability prediction for the fiscal year 2023.


The macroeconomic instability in Asia and the service issues in Europe, according to FedEx, "had a notably negative effect on performance, resulting in a revenue shortfall in this area of roughly $500 million compared to company estimates."


The price of FedEx shares has dropped by 22% during today's trade. The shares of United Parcel Service is also seeing significant pressure.


The FedEx report increased concerns about a worldwide economic downturn. It is hardly unexpected that today's consumer cyclical equities are declining. International Paper Company and Packaging Corporation of America both had greater than 11% declines.


Other major losses in today's trade include Boeing, which is down 4%, and General Electric, which is down 5%.


In the meanwhile, Treasury rates continue to rise as traders remain uneasy before the Fed meeting. Higher rates are detrimental to the declining tech stocks. Meta was able to plummet below the $150 mark and is now testing annual lows around the $146 mark. Today's drop in Amazon stock is 3%.

Tests Support At 3950 for S&P 500

S&P 500 is now testing the next support level at 3850 after successfully settling below the support at 3885. The S&P 500 will go toward the next support level, which is at 3825, if this test is successful. S&P 500 will be pushed toward the support at 3800 if a move below 3825 occurs. S&P 500 will go toward the next support at 3780 if it drops below this level.


The prior support level at 3885 will act as the first resistance level for the S&P 500 on the upswing. The S&P 500 will go toward the resistance of 3900 if it is able to stabilize again above 3885. The S&P 500 will be pushed toward the next resistance level at 3920 if the resistance at 3900 can be successfully tested.

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