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The Dow Jones Industrial Average closed down 112.81 points, or 0.21%, at 53,464.59 on Wednesday, August 26; the S&P 500 closed down 1.46 points, or 0.02%, at 7,675.82; and the Nasdaq Composite closed down 21.10 points, or 0.08%, at 26,130.20.According to Tasnim News Agency, local Syrian sources say that Israeli artillery attacked Syrian highlands near Damascus.On August 27th, according to the Wall Street Journal, Google plans to move its AI Responsibility team of approximately 90 people out of DeepMind in early September, placing them in the Global Affairs department responsible for lobbying and public policy. This is part of a further integration of DeepMind into the Google ecosystem. Teams such as Human Resources and Policy will also be moved out of DeepMind simultaneously. The AI Responsibility team primarily researches cutting-edge AI risks, including testing models for chemical, biological, radioactive, and nuclear risks, as well as studying the psychological impact of user interactions with AI and chatbots. Some employees are concerned that moving out of DeepMind will increase the distance between them and the Gemini model development team, potentially weakening their ability to conduct independent research and identify risks in cutting-edge models. Google stated that the team will retain access to DeepMind, computing power, and personnel resources, and other teams responsible for model behavior, privacy, and security will also remain at DeepMind. This adjustment comes amidst ongoing changes in DeepMinds management and talent pool.According to Saudi Arabias Al Arabiya TV: Two explosions were heard in the port of Mocha, Yemen, as Houthi rebels launched missiles at Mocha again.Nvidia will release its earnings report after the US stock market closes.

S&P 500 (SPY) Tries To Gain More Ground Despite Powell’s Comments

Alice Wang

Sep 09, 2022 15:45

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S&P 500 Attempts To Maintain Its Rebound

As top tech companies are once again under pressure, the S&P 500 is fluctuating between gains and losses today. Amazon, Alphabet, and Apple are all down roughly 1%.


Today's traders concentrated on Fed Chair Jerome Powell's hawkish remarks, which emphasized the significance of the Fed's battle against inflation. Growth stocks suffered as a result of rising Treasury rates, which also placed some pressure on the S&P 500.


It should be observed that the financial and healthcare sectors both exhibit a noticeable increase in stock demand. Big banks like JP Morgan, Citigroup, and Morgan Stanley, for instance, are up today by approximately 2%.


S&P 500 retreated after failing to stabilize above the 4000 mark. The S&P 500 has found support around 3950 and resistance at 3980 at the moment. The S&P 500 will acquire further downward momentum and head toward the next support level at 3915 if it drops below the 3950 mark.


To the upside, the S&P 500 has to close above 4015 in order to have a chance of gaining long-term upward momentum. A rise over 4015 would pave the way for the 20 EMA at 4035, the next resistance level, to be tested.

Snap Rallies as Memo Highlights Ambitions for Growth

As a result of the market's response to the internal message that Snap CEO Evan Spiegel delivered, Snap is up more than 7% today. The corporation intends to increase the user base to 450 million by the end of the next year, the letter states.


Following the company's announcement of its new partnership with the cryptocurrency exchange FTX, Gamestop has also had some support today and tried to settle over the $26 mark. It remains to be seen if the new crypto relationship will increase interest in the meme stock, since Gamestop stock has been under significant pressure over the last several weeks.


From a broad perspective, the market needs more triggers to keep bouncing back. Trading will probably continue to be quite volatile before the Fed decision, which will be announced on September 21. While traders look ready to buy stocks after the major pullback, the hawkish Fed may limit their appetite for risk.

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