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On November 8, Chicago Mayor Brandon Johnson addressed the UN Human Rights Council on November 7. Johnson stated that the US federal governments refusal to accept review by the Human Rights Council was an attempt to evade scrutiny. He argued that the Human Rights Council should apply the same accountability standards to the US federal government as it does elsewhere in the world, and that no country is above international law. Johnson called on the Human Rights Council to send independent experts to Chicago to investigate the challenges facing the city; he also urged the Council to take further accountability measures, including convening a special session to investigate the worsening human rights crisis in the United States. The UN Human Rights Council was scheduled to hold its fourth round of Universal Periodic Review (UPR) on November 7, but the US representative refused to attend, preventing the review from proceeding normally. The Human Rights Council adopted a decision that day urging the United States to resume cooperation with the UPR mechanism.Russian Ministry of Defense: Russian troops have occupied the village of Vovche in the Dnipropetrovsk region of Ukraine.Ukrainian Prime Minister: Russia’s attack on Ukrainian dams damaged several large energy facilities in the Kyiv, Kharkiv and Poltava regions.November 8th - Pfizer has finalized its $10 billion acquisition offer for Metsera, a startup focused on weight-loss drugs, after a bidding war with Novo Nordisk. Novo Nordisk stated that after careful evaluation, it decided not to raise its offer and will continue to monitor business expansion and other acquisition opportunities. Under the agreement, Pfizer will complete the transaction at a maximum price of $86.25 per share, including an initial cash payment of $65.60 per share, and an additional consideration of up to $20.65 per share if certain performance targets are met.November 8th - On November 7th local time, Canadian Prime Minister Mark Carney stated that the increasingly close economic relationship between Canada and the United States over the past decades has come to an end. Carney said that Canada once enjoyed some economic advantages due to its close ties with the US, but this has now become a weakness. He described this change as rapid and almost seamless, and called for a swift and radical shift in Canadas economic strategy.

S&P 500 (SPY) Rebounds Towards The 4,150 Level

Cory Russell

Aug 25, 2022 15:06

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In Advance Of The Jackson Hole Symposium, The S&P 500 Advances

As traders snatched up shares after the recent sharp sell-off, the S&P 500 gained some ground and surged closer to the 4,150 mark. The recovery was widespread, and today's trading saw gains across the board.


The size of the upward movement draws attention to the technical aspects of this recovery. The action was not specifically sparked by anything.

 

Because traders were hesitant to make significant trades before the Jackson Hole Symposium, which begins tomorrow, the bounce was not robust.


Markets will be significantly impacted by the news from Jackson Hole, so traders should brace themselves for volatility in the week's remaining trading sessions.

 

Technically speaking, the 20 EMA, which continues to be a strong resistance level, has prevented the S&P 500 from settling above it once again. For the S&P 500 to have a chance to develop steady upward momentum, it must get above this level.


On the support side, the S&P 500 should find its strongest support near the 50 EMA at 4080. A move below this level will indicate that a potential new downward trend for the S&P 500 is about to begin.

Energy stocks continue to perform well as WTI oil reaches new highs.


Leading energy equities including Exxon Mobil and Chevron benefited as WTI oil recovered from session lows and renewed upward momentum.


Following the company's announcement that it will begin selling goods, clothes, and accessories in Amazon's American shops, Peloton shares increased 20% today. The stock will continue to be volatile tomorrow since Peloton is expected to release results on August 25 before the market opens.


The share price of Bed Bath & Beyond increased by 18% after a WSJ story said that it had closed a financing transaction. Following this stock's quick climb to the $30 level and subsequent retreat into the $8.50 level, many traders are now underwater, and they may take advantage of the bounce to exit their holdings. Therefore, it is uncertain if Bed Bath & Beyond will be able to build on its recent upward momentum in the next trading sessions.


Nordstrom stock was among the losers, falling 20% after the firm delivered a dismal quarterly report and cut its expectations.


In general, the day was quite uneventful. When traders respond to the initial Jackson Hole news tomorrow, the market's behavior is likely to shift.

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