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U.S. Secretary of State Marco Rubio arrived in Mumbai, India, for his second visit to the country this year. Rubio will meet with Indian External Affairs Minister S. Jaishankar within the next two hours.On October 20th, it was reported that the National Medical Products Administration (NMPA) held a meeting on October 19th to promote the application of artificial intelligence (AI) in drug regulation. The meeting emphasized the need to leverage regulatory responsibilities, establish rules, stabilize expectations, strengthen services, and cultivate an ecosystem to actively promote the innovative development of the pharmaceutical industry through AI. It called for the development of specific plans to support breakthroughs in key areas, moving review and approval services closer to the source of innovation, and creating a regulatory environment that encourages innovation and is inclusive and prudent. The meeting stressed the importance of using AI to improve drug safety governance, making review and approval more intelligent, inspection and enforcement more precise, risk prevention and control more sensitive, and collaborative supervision more efficient. Finally, it emphasized the need to strengthen fundamental safeguards, establish a comprehensive and continuously iterating AI application management mechanism, enhance resource coordination, cultivate a professional talent pool, promote "technology for good," and firmly safeguard the bottom line of AI safety.On October 20th, the "blue light" for Level 2 autonomous driving was officially banned by the authorities. On the same day, the Equipment Industry Department of the Ministry of Industry and Information Technology released the "Installation Requirements for External Lighting and Light Signal Devices of Automobiles and Trailers (Draft for Comments)." It explicitly states that vehicles without Level 3 or higher autonomous driving systems are prohibited from installing ADS (Advanced Driver Assistance Systems) sign lights. Furthermore, the dedicated light color for ADS sign lights is required to be blue-green. Previously, most Level 2 assisted driving signal lights used blue. According to the aforementioned draft, when Level 3 or higher autonomous driving functions are activated, all ADS sign lights should automatically illuminate simultaneously and remain illuminated while the autonomous driving system is active. They must not illuminate when the vehicles driving automation system is in Level 2 or lower autonomous driving mode. When the autonomous driving system disengages, all ADS sign lights should automatically turn off simultaneously. Manually turning ADS sign lights on or off is prohibited.The onshore yuan closed at 6.6791 against the US dollar at 16:30 on October 20, up 26 points from the previous trading day.Citi UK CEO: I feel that Chancellor of the Exchequer Healys fiscal space will be eroded.

S&P 500 (SPY) Dives To 3635 As Initial Jobless Claims Decline

Steven Zhao

Sep 30, 2022 15:00

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Investor Fears Regarding a Hawkish Fed

The Initial Jobless Claims data, which was better than expected, has caused investors to react negatively, and the S&P 500 is down more than 2% during today's trading session.


The figures revealed that just 193,000 Americans sought for unemployment benefits in one week, far less than the expert prediction of 215,000. The Fed claims that the labor market is still too tight. The study supported the robustness of the labor market. The Fed's need to raise rates rapidly in order to reduce demand and fight inflation would hurt stocks.


Auto stocks were under pressure after CarMax's profits and sales fell short of analyst projections. The stock is down 23% so far in today's trading. Traders think that Tesla, General Motors, and Ford have all dropped by 5-6% as a result of the effect that rising lending rates have had on the market for cars.


It is hardly surprising that tech shares have fallen today as the market prepares for higher interest rates. AMD, NVIDIA, and Apple among those that suffered the most losses in this market segment today.


Despite the oil market's rebound, the current sell-off is pervasive, and even energy stocks are under pressure. Since the market views the Fed's actions as the biggest danger to stocks, any news that signals the Fed will keep raising interest rates quickly causes a sell-off.

S&P 500 Tests Support At 3635

The 3635 support level continues to be the S&P 500's target closing price. Even if the RSI is virtually in oversold zone, if the right triggers occur, there is still a chance for additional bearish momentum.


If the S&P 500 closes below 3635, it will go toward the next support level at 3600. The S&P 500 will go closer to support at 3580 if this level is properly challenged.


For the S&P 500 during an upswing, the previous support level at 3660 will serve as the initial resistance level. If the S&P 500 climbs once more over this level, it will move toward the next hurdle at 3700. If the price rises over 3700, the resistance level at 3725 may be challenged.

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