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Azerbaijan State Oil Company (SOCAR): The biggest uncertainty in the current crude oil market comes from geopolitical risks, not the supply and demand balance itself.Maersk Oil Trading CEO: There is a significant downside risk to oil prices due to weak demand growth and increased OPEC+ production.The Hang Seng Index in Hong Kong opened at 25,711.07 points, up 77.16 points, or 0.3%, on Tuesday, September 9; the Hang Seng Tech Index in Hong Kong opened at 5,786.76 points, up 33.01 points, or 0.57%, on Tuesday, September 9; the CSI 300 Index opened at 9,141.56 points, up 19.9 points, or 0.22%, on Tuesday, September 9; and the H-share Index opened at 4,332.77 points, up 10.1 points, or 0.23%, on Tuesday, September 9.When the Hong Kong stock market opened, the Hang Seng Index rose 0.3%, the Sci-Tech Index rose 0.57%, and Dahang Technology (02543.HK) rose 36.36% on its first day of listing.According to the Wall Street Journal on September 9, OpenAI executives are increasingly concerned that escalating political scrutiny in California could hinder their plans to transition to a for-profit company, and have discussed moving their headquarters out of the state as a last resort. Some of Californias largest charities, nonprofits, and labor unions are jointly resisting OpenAIs restructuring plan. They are asking the California Attorney General to ensure that the newly formed company does not violate the states charitable trust law. The attorneys general of California and Delaware are investigating OpenAIs restructuring proposal. OpenAI currently operates as a subsidiary, does not issue traditional equity, and is controlled by a nonprofit parent. This structure is extremely unpopular among investors, who are pushing for a change. OpenAIs financial backers have tied approximately $19 billion (almost half of its total funding over the past year) to shares in the newly formed for-profit company. If the restructuring fails, these funds could withdraw, hindering OpenAIs massive investments in building large data centers, developing custom chips, and remaining at the forefront of AI research.

S&P 500 (SPY) Moves Towards 3900 As Chip Stocks Retreat

Alice Wang

Sep 02, 2022 14:52

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Stocks fell towards the 3900 mark as a result of concerns about the Fed's aggressive rate rises and the sale of advanced chips to China being prohibited by the United States.


The U.S. dollar reached new highs as a result of the positive ISM Manufacturing PMI report. The yield on Treasury bonds has also increased. According to the FedWatch Tool, there is a 76% chance that the next meeting will result in a 75 basis point rate increase, which is bad news for the stock market.


Interestingly, RSI is still in the moderate range despite the significant drop, suggesting that there is still opportunity for more downward momentum in the future trading days.


The S&P 500 will go toward the next support level at 3875 if it is able to settle below the support at 3915. If the S&P 500 drops below this level, it will be forced toward the 3830 support level.


The previous support level at 3950 will act as the first resistance level for the S&P 500 on the upside.


The S&P 500 will go toward the barrier at 3980 if it is able to stabilize again above this level.

Trades In Defensive Sectors Show Some Interest

Because of concerns that the U.S. export prohibition would significantly hurt the company's sales, NVIDIA stock is down roughly 12%. AMD's decline is 7%. The pricey and complex processors used in AI development are the focus of the prohibition.


The market is concerned that other limitations may be imposed in the future and that the ban is just the start of a multi-year campaign against China's high-tech capabilities.


Chinese equities like Alibaba and NIO have come under significant pressure as ties between the U.S. and China continue to worsen.


The prices of top tech companies like Apple, Microsoft, and Alphabet are also declining today.


After the sharp drop, investors are looking for safe-haven investments, and while equities like Johnson & Johnson, Walmart, and Philip Morris are rising, they are doing so.


The trading patterns of these equities should be monitored by traders since their recovery may indicate that following the sell-off in the S&P 500, buyers' interest is increasing.

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