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On November 10th, Federal Reserve Bank of New Yorks Mary Daly stated that the U.S. economy may be suffering from weak demand, while tariff-related inflation currently appears to be under control. Daly, who is not currently a voting member of the Federal Open Market Committee (FOMC) and did not specify what action would be taken at the upcoming December meeting, said, "To formulate the right policy, its necessary to maintain an open mind and dig deep into the evidence on both sides of the debate." Daly added, "So far, the impact of tariffs has been largely confined to goods and services, with little spillover to services inflation or inflation expectations, which remain relatively firmly anchored near our target."A poll by NHK (Japan Broadcasting Corporation) shows that Prime Minister Sanae Takaichis cabinet has an approval rating of 66%.PayPal (PYPL.O) has introduced its fee-free "buy now, pay later" service to Canada.Barrick Mining Corp. raised its quarterly dividend and expanded its share buyback program following a record surge in gold prices. According to a statement released Monday, one of the world’s largest gold producers increased its quarterly dividend by a quarter to 12.5 cents per share and approved an additional 5-cent performance dividend per share for the previous three-month period. The Canadian company said its board also authorized an additional $500 million in share buybacks, given “exceptionally strong cash flow,” following a $1 billion buyback so far this year. Barrick generated a record $1.5 billion in free cash flow after producing 829,000 ounces of gold in the third quarter.Iraqs State Oil Marketing Organization (SOMO) has cancelled three shipments of crude oil originally scheduled for delivery by Lukoil in November.

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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