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HSBCs chief multi-asset strategist, Max Kettner, stated that a market correction is possible as market sentiment overheats, the effects of fiscal stimulus diminish, and uncertainty surrounding the US midterm elections rises. Investors should consider moderately reducing their equity positions after the earnings season ends. Kettner, who has maintained a top-weighted overweight rating on equities since mid-March, noted that current positioning and market sentiment are approaching levels seen during the economic reopening trading period in 2021, while some US credit card data indicates that consumer spending has begun to slow. He pointed out that the fiscal stimulus from the "Big and Beautiful Act" is comparable to that of the 2009 financial crisis, but the stimulus is primarily concentrated in the first half of 2026, with limited incremental support available in the future. Regarding specific midterm election risks, Kettner pointed out that current polls show a close Senate race, increasing uncertainty surrounding AI and data center regulations. This uncertainty could drag down the entire technology sector, not just the divergence between semiconductors and hyperscale cloud service providers; technology stocks as a whole could be affected. However, he also believes that such a correction could present buying opportunities.The ZEW economic sentiment index for Germany and the Eurozone in July will be released in ten minutes.The Bahraini military said it intercepted an Iranian attack on Tuesday.The onshore yuan closed at 6.7668 against the US dollar at 16:30 on July 21, up 2 points from the previous trading day.July 21 – According to a report by Nikkei Asia citing multiple sources familiar with the matter, TSMC (TSM.N) plans to raise its foundry prices for advanced and mature process chips in 2027 by up to 10% to cope with rising costs of materials, manufacturing equipment, and overseas new plant construction. TSMC has already begun discussions with customers regarding the price increase, which involves 7nm and more advanced processes. This segment contributed approximately 77% of TSMCs revenue in the April-June quarter of this year. Sources indicated that the base price increase will be 5% to 10%, depending on the customer and product. For new orders for high-performance computing (HPC) chips that exceed customer forecasts, TSMC plans to add a premium of 10% to 15% on top of the base price increase. Therefore, the overall price increase for some advanced process chip orders may exceed 10%. For mature processes (including 12nm, 16nm, 28nm, and other traditional processes), TSMC plans a maximum price increase of 10%, but the increase for some products will be lower than this level. Mature process technology accounted for approximately 23% of the companys revenue in the last quarter. Sources familiar with the matter said that negotiations began around June and were finalized in July, with the new price set to take effect in early 2027.

US Stock Markets Continue to Get Hammered

Skylar Shaw

Apr 26, 2022 10:51


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S&P 500 Technical Analysis

The S&P 500 has dropped down to about 4200 points. The market may fall considerably lower, but we're a touch overextended right now, so a comeback makes sense. As a result, I am more than happy to jump all over a bounce, especially because there is still a lot of pessimism. If we break it down even further, the 4100 level is the next possible goal.


The 200 Day EMA is at 4400 and slanting lower on the upswing. I feel the market will struggle to break above that level, therefore if we can break above the 200 Day EMA, we may be able to turn things around. The Federal Reserve, on the other hand, remains quite hawkish, and this will continue to be one of the most important elements to consider.


Finally, this market seems to be in bad shape, so I'm waiting to see if we have a rebound that shows symptoms of tiredness that we may profit from. Traders will continue to be able to get engaged despite signs of weariness after a short-term rebound. In the end, I believe this is a market that is still quite loud but still favors the downside. Markets will not entirely turn around until we break over the 4500 level. Keep in mind that it's all about the Federal Reserve more than anything else.

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