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According to Irans Mehr News Agency: Preliminary reports indicate that Iran launched an attack on a US missile launch site in Kuwait.On July 12, local time, US President Trump stated that the US had launched a "fierce strike" against Iran the previous night. In an interview that day, Trump claimed that the US and Iran had reached an agreement the previous day, and Iran was "prepared to give up everything," but hours later, a ship was attacked by a drone. The US military stated that after an attack on a merchant ship in the Strait of Hormuz, the US military launched a new round of strikes against approximately 140 Iranian military targets. This is the third US strike against Iran in a week. There are differing opinions regarding the navigation status of the Strait of Hormuz. Irans Persian Gulf Straits Authority announced on social media on July 12 that the Strait of Hormuz is currently impassable. Trump, however, stated, "As far as the United States is concerned, the Strait of Hormuz remains open."Market news: British Prime Minister-designate Andy Burnham plans to expand the autumn budget. British officials are considering releasing the budget in October.July 12 – As part of a “political strategy” adjustment, Ukrainian President Volodymyr Zelensky is considering replacing the country’s prime minister. With Ukraine preparing for winter amid ongoing threats of Russian attacks, he may nominate a state-owned energy company executive or a former prime minister to succeed him. According to sources, Zelensky is considering appointing Sergei Koletsky, head of the state-owned oil and gas company, or former prime minister and current energy minister Denis Shmyhal for the position. Zelensky met separately with Koletsky and Shmyhal on Sunday and received briefings. He has invited current prime minister Yulia Sviridenko to “take charge of new and important areas with key partners” and thanked her for her “clear, robust, and efficient work” over the past year. Zelensky also met with officials including the mayor of Kharkiv and the defense minister. Zelensky stated that winter preparations are of paramount importance, Ukraine needs to be prepared for any threat, and the transformation of state-owned enterprises must be accelerated.On July 12, 2026, the head of the Asian Department of the Ministry of Foreign Affairs issued a statement regarding the Japanese Foreign Ministers hype surrounding the tenth anniversary of the "South China Sea arbitration ruling" and Japans joint statement with other countries. The Chinese side urgently summoned the chief minister of the Japanese Embassy in China to lodge a solemn representation, expressing strong dissatisfaction and protest. China pointed out that Japan bears historical responsibility for the South China Sea issue and has not yet settled accounts, and has no right to make irresponsible remarks. Japans egregious words and actions challenge the post-war international order and international rule of law, adhere to double standards, distort facts, undermine peace and stability in the South China Sea, and violate the common interests and wishes of regional countries. This has aroused historical vigilance and strong indignation from the international community, including China, regarding Japans aggression and colonial atrocities since modern times. China will resolutely and forcefully counter Japans provocations and firmly defend its territorial sovereignty and maritime rights. China also lodged a strong protest regarding the Taiwan issue, Japans abandoned chemical weapons, Japanese parliamentarians unwarranted comments on Chinas ethnic policies, and a series of negative developments in Japans military and security.

S&P 500 (SPY) Retreats As Treasury Yields Test New Highs

Jimmy Khan

Sep 23, 2022 14:35

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Consumer Cyclical Stocks Drop Amid Fears of a Recession

As traders continue to pay attention to the aggressive Fed, the S&P 500 is still under pressure. A further deterrent for markets was today's Initial Jobless Claims data, which showed that 213,000 Americans applied for jobless benefits in a week. The Fed is being forced to boost rates rapidly in an effort to temper demand because the employment market is still tight.


Consumer cyclical equities, which were among the losses yesterday, are now under significant pressure. In today's trading session, shares of Expedia, Etsy, and Caesars Entertainment are down 5–8%. When customers cut down on "unnecessary" expenditures, the market gets ready for a recession.


Treasury rates are steadily increasing, which is negative for technology equities. The yield on 10-year Treasuries is now attempting to rise beyond the 3.70% mark. Such yields last seen in 2011 before this.

Among the greatest losers in the IT industry are AMD and NVIDIA. Traders worry that falling PC demand would adversely affect their performance.


The price of energy equities is rising right now. Refining stocks like Valero Energy, Phillips 66, and Marathon Petroleum are among the market leaders.


From a broad perspective, the market is still gloomy. Rising Treasury rates show that bond market participants are continuing to be ready for the Fed's aggressive rate increases. Stocks can come under greater pressure if Treasury rates reach fresh highs.

Tests Support At 3750 For S&P 500

The S&P 500 is now attempting to settle below the 3750 level of support. In the event that this effort is successful, it will move in the direction of the next support, which is at 3725. A move below this point will allow for a test of the support level at 3700. If the S&P 500 drops below 3700, it will move in the direction of support at 3660.


The S&P 500's closest upward resistance level is found at 3780. The S&P 500 will go toward the next barrier at 3800 if it rises over this point. If this level is successfully tested, the S&P 500 will move closer to the 3825 resistance level.

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