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On May 28, Reuters, citing US military officials, reported that the US military "carried out new strikes against an Iranian military facility and intercepted and shot down several drones." The facility and the drones were alleged to "pose a threat to US forces and commercial shipping in the Strait of Hormuz."According to foreign media reports on May 28, commodity funds were net sellers of CBOT corn and wheat futures contracts and net buyers of CBOT soybean meal and soybean oil futures contracts on Wednesday. Among them, corn futures contracts were net sold by 11,000 lots.1. The three major U.S. stock indexes closed slightly higher. The Dow Jones Industrial Average rose 0.36% to 50,644.28 points, the S&P 500 rose 0.02% to 7,520.36 points, and the Nasdaq Composite rose 0.07% to 26,674.73 points. Procter & Gamble rose more than 3%, and Boeing rose more than 2%, leading the Dow Jones. The Wind U.S. Tech Big Seven Index rose 0.47%, Facebook rose more than 3%, and Amazon rose more than 2%. 2. The three major European stock indexes closed mixed. The German DAX fell 0.03% to 25,177.80 points; the French CAC40 rose 0.43% to 8,207.89 points; and the UK FTSE 100 rose 0.13% to 10,505.01 points. 3. US Treasury yields were mixed. The 2-year Treasury yield rose 0.32 basis points to 4.033%, the 3-year Treasury yield rose 0.30 basis points to 4.084%, the 5-year Treasury yield rose 0.73 basis points to 4.177%, the 10-year Treasury yield fell 0.19 basis points to 4.483%, and the 30-year Treasury yield fell 0.82 basis points to 5.012%. 4. The WTI crude oil futures contract closed down 4.77% at $89.41 per barrel; the Brent crude oil futures contract fell 3.92% to $92.88 per barrel. 5. International precious metals futures generally closed lower. COMEX gold futures fell 1.05% to $4454.90 per ounce, and COMEX silver futures fell 2.25% to $74.89 per ounce. 6. London base metals fell across the board. LME tin fell 0.36% to $54,550.0/ton, LME nickel fell 0.44% to $18,890.0/ton, LME lead fell 0.67% to $2,001.0/ton, LME zinc fell 0.72% to $3,507.5/ton, LME copper fell 0.79% to $13,516.0/ton, and LME aluminum fell 1.23% to $3,627.5/ton.US President Trump: Soon, the United States and Armenia will jointly launch the Trump Road to International Peace and Prosperity, which will transform the South Caucasus and help our excellent American energy companies gain direct access to the United States from Central Asia.Sources in Bandar Abbas, Iran, said they heard three or four explosions in the distance, sounding from the same direction as the explosions that occurred a few nights earlier.

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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