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On August 26, Ukraine reported that its armed forces attacked a large oil refinery in Russias Volga region. This is the latest in a series of attacks by Ukraine on Russias oil refining industry. The General Staff of the Ukrainian Armed Forces issued a statement saying that the attack caused a fire at the refinery near Nizhny Novgorod. The statement also said, "Operations against key enemy targets are ongoing." The Norsi refinery, with a designed capacity of approximately 340,000 barrels per day, is one of Russias largest refineries. Located about 440 kilometers from Moscow, it primarily supplies fuel to the Russian capital and surrounding areas, which is also Russias largest fuel-consuming region.German Interior Minister: We want to develop genuine intelligence services, and those who attack us must be prepared to retaliate.On August 26, a severe flash flood struck Rasuwa district in Bagmati province, northern Nepal, inundating villages, markets, and infrastructure. According to data released by the Nepal Tourism Board on the 26th, preliminary statistics indicate that the flood has caused at least 16 deaths and left 384 tourists missing, including 93 Nepalese tourists and the remainder foreign tourists. Currently, the main preliminary explanation offered by scientists for the sudden event is that an ice avalanche blocked the Runde River, forming a temporary dam that suddenly collapsed after water accumulated. However, the specific cause still requires further investigation. Due to damage to some roads, bridges, communication and power facilities, coupled with still high water levels in the mountains, the full extent of casualties and property damage caused by this major disaster is yet to be determined. Saloni Muralka, a Nepalese national, said, "From what we understand, this flash flood in the China-Nepal border region may be the largest in decades. We have been told that the flood may be related to the melting of high-altitude glaciers."German Finance Minister: Income tax reform will be proposed at the next cabinet meeting.German Finance Minister: After a year, €50 billion of the €500 billion special budget has been allocated.

S&P 500 (SPY) Remains Under Pressure As Traders Cannot Find Positive Catalysts

Jimmy Khan

Sep 01, 2022 14:48

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S&P 500 Attempts To Level Off At 3980

As there are not enough triggers for equities to recover from the recent sell-off, the S&P 500 is now trading close to the support at the level of 3980.


According to the ADP Employment Change report, which was just issued by the U.S., private firms gained 132,000 jobs in August as opposed to 268,000 in July.


The labor market is clearly slowing down, but because rising inflation is still the major issue, it is unclear if the Fed will pay heed to this slowdown.


Additionally, traders should be aware that the market-moving Non Farm Payrolls data, which will be issued on Friday, and the ADP Employment Change report often provide different image.


Technically, the S&P 500 is attempting to settle below the 3080 support level. The modest effort to recover encountered significant opposition close to the 4000 level. If the S&P 500 manages to close below 3980, there is plenty of potential for more downward momentum, and it may go swiftly below the next support around 3950.


After a strategic update, Bed, Bath & Beyond declines


Trading is turbulent today since there aren't any encouraging market triggers. After the significant sell-off in recent trading sessions, the selling pressure is, however, less fierce.


Following the publication of its strategy update, Bed, Bath & Beyond's stock is down 22%. The corporation will liquidate 150 outlets and eliminate 20% of its workforce. Bed, Bath & Beyond will begin an at-the-market offering campaign for up to 12 million shares of common stock to increase liquidity. The major cause of the sell-off is the impending stock offering.


Following the announcement of the company's third quarter fiscal 2022 results, HP is down 7%. Revenue forecasts were missed by the corporation, and guidance for the whole 2022 period was reduced.


Snap increased 10% after announcing that it will lay off 20% of its employees. Even if the news boosted Snap stock, investors should be aware that many businesses have already made layoff announcements, which will have a negative effect on employment reports in the coming months.

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