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Federal Housing Finance Agency Director Pulte: We are actively evaluating transferable mortgages.On November 12th, Federal Reserve Chairman Raheem Bostic announced his plan to retire next February when his current term ends, while Fed Chair Jerome Powells term will end in May. Bostic, 59, began leading the Atlanta Fed in 2017, becoming the first African American to lead a regional Federal Reserve bank. Throughout the year, Bostic has been outspoken about the risks of persistent inflation, urging his colleagues to be cautious when lowering interest rates and to be wary of the potential impact of tariffs. While he did not vote on monetary policy decisions this year, Bostic stated that he supported the Feds two rate cuts in September and October. However, he emphasized that monetary policy should remain restrained as long as inflation remains above the central banks 2% target.November 12th - According to US media reports, Toyota Motor Corporation confirmed it will invest up to $10 billion in the United States over the next five years to boost its local operations, less than a month after President Trump hinted at such investments by the Japanese automaker. The statement clarifies a confusing moment during Trumps visit to Tokyo last month, when he said Toyota would build factories across the US with a total investment exceeding $10 billion. At the time, the automaker declined to confirm the plan, calling it "speculation." In a statement on Wednesday, Toyota marked the start of production at its new battery plant but provided no further details, only stating that it would spend money "to support future mobility efforts." Toyotas top executive in the US, Ted Ogawa, said the battery plant and new investments "mark a pivotal moment in our companys history."Federal Reserve Governor Waller will join the ninth annual Fintech conference in ten minutes.On Wednesday, November 12th, U.S. stocks extended gains as a rally in tech stocks helped major indexes rise, fueled by optimism about ending the longest government shutdown in U.S. history. The S&P 500 rose 0.1%, with AMD (AMD.O) helping to push the benchmark index toward its fourth consecutive day of gains after the company gave a positive sales growth outlook. Meanwhile, the tech-heavy Nasdaq 100 fell 0.1%. Matt Maley of Miller Tabak said, “Yesterday we saw a ‘everything went up except tech’ rally, but those tech stocks performed well this morning.” Therefore, investors don’t seem as worried about the recurring spending on the AI phenomenon as Michael Burry is now. Russ Mould, investment director at AJ Bell, said, “Corrective declines are a healthy and necessary phenomenon in financial markets, but investors will be wary of any signs that this is turning into a significant sell-off. We’re not really in that space yet, but the risks are mounting ahead of Nvidia’s third-quarter earnings report.”

S&P 500 (SPY) Remains Under Pressure At The Start Of The Week

Yoshiki Marjory

Sep 27, 2022 16:38

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S&P 500 Declines The US dollar is testing new highs

As traders exit riskier assets, the S&P 500 keeps trying to settle below the support level at 3660.


A fresh high is being tested by Treasury yields. The yield on 10-year Treasuries is currently attempting to get above 3.85%. 10-year Treasuries yielded barely 2.60% at the beginning of August, so the recent upward movement was significant.


REITs are under a lot of pressure from rising Treasury yields. Ones of the S&P 500's greatest losers today is Vornado Realty, followed by Ventas, Prologis, and Kimco Realty.


The pressure on energy stocks has increased as WTI oil tested new lows. In today's trading session, Baker Hughes, Hess, and Halliburton are all down more than 3%.


Today, some tech stocks are attempting to recover, including Apple and Amazon. Other tech equities, which have been sluggish lately, are still falling. NVIDIA and Meta are reaching fresh lows.


It should be mentioned that a strong currency also acts as a deterrent for American stocks by raising the cost of investing for foreigners. The U.S. Dollar Index recently tested highs last seen in 2002. The worldwide flight to safety, which is negative for riskier assets like stocks, is highlighted by the dollar's surge.

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