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U.S. Central Command: The U.S. Navy destroyer USS Rafael Peralta is operating in the region’s waters in support of a maritime blockade of Iranian ports.U.S. Central Command: As of October 17, U.S. Central Command had guided 138 merchant ships to change course to ensure strict enforcement of the blockade measures.On October 18th, according to the Associated Press, US President Trump addressed gasoline prices at a rally in Kentucky on Saturday, claiming that the nearly eight-month-long war with Iran would soon end, at which point gasoline prices would drop below pre-war levels. The audience cheered. Its worth noting that Trump has made similar statements on multiple occasions before. Trump also reiterated a much-criticized promise: if Republicans win control of both the Senate and the House of Representatives, every American adult will receive $5,000. This plan, expected to cost over $1 trillion, not only requires congressional approval but could further exacerbate the USs nearly $1.8 trillion annual budget deficit. Furthermore, Trump made a new promise for Kentucky, stating that if Republicans win the election, the Department of Defense will invest in revitalizing a pharmaceutical manufacturing plant in the state.On October 18th, according to Fox News, Israeli Prime Minister Benjamin Netanyahu praised US President Donald Trumps handling of the Iran issue and warned that Tehrans nuclear ambitions pose a direct threat to American cities. In the program, Netanyahu stated that the Iranian leadership is attempting to dominate the Middle East, control key waterways and oil supplies, and ultimately threaten Europe and the United States. Netanyahu warned, "At that time, every single city in America will be held hostage by these fanatics and become their bargaining chips." Netanyahu also referred to Hamas, Hezbollah, and the Houthi rebels in Yemen as extensions of the Iranian leadership and believes that sustained military and economic pressure is necessary to counter the threat from Tehran. Netanyahu stated, "I think President Trumps approach has been outstanding; he has a clear stance, sound judgment, and unwavering conviction." He noted that he met with Trump at Mar-a-Lago before the last US presidential election. At that time, Trump recognized the threat posed by Irans nuclear ambitions and understood that the risks involved were not only related to Israels security.On October 18th, according to the Associated Press, US President Trump held a rally in Kentucky on Saturday to campaign for Republican candidates. Amid pressure from the midterm elections, Trump touted his power in his second term, saying, "I can do incredible things." He discussed his decision to change the US governments name for the Gulf of Mexico to "American Gulf." Trump stated, "I dont think I could have done this in my first term. In this term, I have much more power. In my first term, Google wouldnt even answer my calls. Now, they treat me like royalty." He then added, "I also renamed a lake in Canada American Lake," referring to Lake Ontario. The report noted that Trumps high-profile campaigning contrasts sharply with voter dissatisfaction with his governance as Republicans face midterm election pressure. Tariff policies and the war with Iran have driven up prices, and some voters question whether he prioritizes personal gain over national interest.

S&P 500 Pulls Back As Amazon And Alphabet Test New Lows

Alice Wang

Nov 02, 2022 16:35

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As traders get ready for a key Fed decision, stocks decline.


Today's JOLTs Job Openings data topped forecasts, which kept the S&P 500 under pressure. As prospects for a less aggressive Fed evaporate, strong employment market data is negative for markets.


Additionally, it seems that traders sought to lock in some gains before tomorrow's publication of the Fed Interest Rate Decision.


The S&P 500 was under a lot of stress today due to the share sales at Amazon and Alphabet, while the Nasdaq Composite was pushed close to the 10900 mark. Although Meta was able to recover from multi-year lows, it is still unclear whether the company will be able to sustainably increase its price momentum in the next trading sessions.


Stocks of basic materials and energy surged up at the same time as the commodities markets generally recovered. Freeport-McMoran, the world's largest copper producer, increased by nearly 4%, while Baker Hughes, a provider of oil services, increased by more than 3%.


Investors are expected to pay close attention to AMD earnings in the post-market session. The company's $5.57 billion in sales and $0.67 per share in profits fell short of analyst expectations in all categories. AMD anticipates reporting sales in the range of $5.2 billion and $5.8 billion for the fourth quarter. Despite the sales projection for the next quarter implying no increase, the stock was able to pick up positive momentum and climb beyond the $61 barrier.


After the business presented its quarterly report, which showed that net bookings for the previous twelve months were $7.4 billion, up 4% on an annual basis, the shares of Electronic Arts fell by 2% in the post-market session. Due to the strong U.S. dollar, the business said that it anticipated a negative FX effect of around $200 million.

Strong Resistance Awaited S&P 500 Near 3915

The S&P 500 retreated into the 3860 level after failing to hold above the support at 3915. In recent trading sessions, the resistance at 3915 was put to the test many times, demonstrating its durability. If the S&P 500 is able to hold above this point, it will pick up speed and proceed upward into the next resistance level at 3960. A rise over this point will allow for the testing of the 4000 level resistance.


To continue its drop, the S&P 500 has to close below the support around the 50 EMA at 3835 on the support side. 3805 is where the next support level is situated. S&P 500 will move in the direction of the next support at 3760 if it drops below this level.

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