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Microsoft (MSFT.O) successfully avoided a significant antitrust fine after the European Union accepted commitments to resolve its investigation into alleged illegal bundling of its Teams video conferencing app. EU regulators said Microsofts commitment to separate Teams from its Office suite had addressed their competition concerns. A market test had also revealed no significant objections from competitors or customers. The decision is expected to ease tensions between the US and Europe, following Trumps criticism of the EUs crackdown on Silicon Valley.Microsoft (MSFT.O): We appreciate the dialogue with the European Commission, which led to this agreement, and we will implement our new obligations promptly and fully.On September 12th, it was reported that "there is a high possibility that new energy vehicles will be subject to a 5% purchase tax starting next year. This is because the relevant authorities had already issued a policy in 2023, which clearly stated that the vehicle purchase tax would be halved for new energy vehicles purchased between January 1, 2026 and December 31, 2027." Cui Dongshu, Secretary-General of the China Passenger Car Association, analyzed in an interview. "If the policy of reducing the purchase tax for new energy vehicles continues next year, the tax pressure will also increase due to the large volume of new energy vehicles." Cui Dongshu believes. It is important to note that at present, the relevant authorities have not officially issued a notice on whether the vehicle purchase tax for new energy vehicles will be restored from January 1, 2026. The final announcement of the relevant authorities will be the final basis. "Dont believe any rumors, and follow the official documents for everything," Cui Dongshu also emphasized.On September 12th, Christodoulos Patsalides, a member of the European Central Banks governing council and the Governor of the Central Bank of Cyprus, stated on Friday that the ECB does not need to adjust its benchmark interest rate in the near future, but future adjustments could be in both directions. He stated that as long as inflation develops as expected, "the current interest rate is appropriate." Patsalides stated that it is fair to say that inflation risks are currently balanced, and in this context, "the next move in interest rates could be upwards or downwards." He emphasized that all options are on the table and that a rate hike would not be ruled out if necessary. The forecast for the Harmonized Index of Consumer Prices (HICP) for 2026 is "only a short-term deviation from the 2% target," with the ECB projecting it to return to 1.9% by 2027. "Therefore, there is no reason to be overly concerned about a prolonged period of below-target inflation." As for the downward revision of the 2027 inflation forecast to 1.9% from 2% in June, Patsalides stated that the two forecasts are "almost identical," primarily due to technical assumptions such as exchange rate fluctuations, rather than fundamental changes.Market news: The EU accepted Microsofts commitment to resolve the Teams antitrust case, and Microsoft promised to separate Teams from the Office suite.

S&P 500 (SPY) Remains Mixed In Choppy Trading

Cory Russell

Sep 20, 2022 14:37

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Healthcare Stocks Drop Following Biden's Remarks It's a Pandemic

The S&P 500 is trying to close below 3850 as Treasury rates continue to rise in advance of the Fed Interest Rate Decision. The yield on 2-year Treasuries is attempting to settle above the 3.95% mark as traders brace themselves for an aggressive Fed.


It should be emphasized that the retreat today is not significant. The worst-performing equities today are in the healthcare sector after U.S. President Joe Biden declared the epidemic to be finished. In today's trade, Moderna's shares fell by roughly 10% while Pfizer lost 2%.


Large-cap tech stocks perform inconsistently. While Microsoft is reaching new lows, Apple is recovering from the most recent setback.


Along with the oil markets, energy equities recovered from their session lows. Leading oil companies Exxon Mobil and Chevron, however, have not been able to return to the positive zone.


Trading will probably continue to be tense before the Fed announcement. The big issue is whether Fed Chair Jerome Powell gives a hawkish signal since markets have already factored in a 75 basis point rate increase.


Traders are now concerned that abrupt rate increases could cause the economy to enter a true recession, which will result in job losses and lower corporate earnings. Given this, the market will react quite strongly to Powell's remarks.

Support Remains Solid at 3850

S&P 500 dropped below 3885 and is now testing support at 3850. Since the RSI is still in the positive range, there is still plenty of space for more downward momentum to develop should the proper triggers materialize.


The S&P 500 will go toward the next support level at 3825 if it manages to settle below 3850. The next support at 3800 will be tested if this level is successfully tested.


The S&P 500's closest upward resistance level is found at 3885. The S&P 500 will go toward the next barrier at 3900 if it rises again above this level. The S&P 500 will be pushed toward the barrier of 3920 if it moves over 3900.

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