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Mike Lawler, Republican member of the U.S. House of Representatives: The State and Local Tax (SALT) Caucus will meet with House Speaker Johnson on the morning of May 15 (local time).Netflix (NFLX.O): The ad-supported service currently has 94 million subscribers.According to the Moscow Times: Russian President Vladimir Putin has no intention of accepting Ukrainian President Volodymyr Zelenskys proposal for a one-on-one meeting in Istanbul, sources said.On May 15, according to the Islamic Republic News Agency of Iran, Araghchi answered reporters questions during a government meeting held in the capital Tehran that day, saying that it was the United States that had hindered Irans development through sanctions, pressure, military and non-military threats over the past 40 years. The United States and its hegemonic policies are the root cause of Irans economic difficulties. The United States is trying to impose a non-independent and submissive regime, which "goes against the dignity of the Iranian people." In response to US President Trumps "maximum pressure" policy, Araghchi said that the United States "ignores all of Israels crimes in the region and tries to portray Iran as a threat," which is pure "deception and threat transfer."On May 15, local time on May 14, Ukrainian President Zelensky said in a routine video speech that evening that he was waiting for Russia to confirm the composition of the delegation to attend the talks in Istanbul, Turkey, and then plan Ukraines actions. "Today we held several meetings with the team on the format of the talks in Turkey. I am waiting for the arrival of Russian personnel, and then I will determine what measures Ukraine should take. We have also heard that US President Trump is considering the possibility of visiting Turkey." He also said that Ukraine is ready for any form of negotiations. In addition, Zelensky said that he listened to the report on the front-line situation from the Commander-in-Chief of the Ukrainian Armed Forces, Sersky, that day. He said that there are currently hundreds of battles every day, and the Ukrainian army continues to take action in Kursk and Belgorod Oblasts in Russia.

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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