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On August 27th, Ajith Nair, Chief Investment Officer of Isio Investment Management, stated that the Jackson Hole symposium may not focus too much on immediate policy decisions, but rather on the long-term direction of monetary policy, central bank policy thinking, and its impact on investors. "While the market will naturally focus on interest rates, this years more noteworthy event is Warshs first appearance as Federal Reserve Chairman at Jackson Hole, and what his vision for the future of the Fed might reveal," Nair pointed out. He added that one of the most noteworthy changes under Warshs leadership is his apparent desire to reduce market reliance on Fed forecasts and policy path predictions, and this Jackson Hole symposium may further reinforce this approach.Bank of Japan Deputy Governor Ryozo Himino: There is no need for a comprehensive data assessment of the impact of past interest rate hikes before raising interest rates.August 27th - As economic and trade ties between the mainland and Hong Kong become increasingly close, Hong Kong consumers acceptance of mainland home appliances continues to rise. Yesterday (August 26th), the Hong Kong Electrical and Mechanical Services Department officially released the first batch of 50 national standards in the home appliance sector that are mutually recognized with IEC international standards. This marks a further reduction in technical standard barriers for mainland home appliances entering the Hong Kong market. Chen Cong, a fourth-level chief staff member of the Monitoring and Early Warning Section of the Commodity Inspection Department of Shenzhen Customs, said that after this mutual recognition, relevant mainland home appliances that meet national standards only need to be equipped with plugs suitable for Hong Kong, without needing to undergo further testing and certification according to IEC standards, and can seamlessly enter the Hong Kong market. Next, Shenzhen Customs will continue to expand the categories of mutually recognized standards to further promote smooth trade.Bank of Japan Deputy Governor Ryozo Himino: The Bank of Japan will make interest rate decisions while balancing the need to obtain information on economic and financial conditions with the need to act promptly to avoid falling behind in terms of inflation.Bank of Japan Deputy Governor Ryozo Himino: When making policy decisions, we will take into account the potential inflation rate of close to 2%.

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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