Solid News

S&P 500 Market Update

9/5/2022 3:16 PM

The US stock market continues to trade in a downtrend, despite the positive corporate reporting. Quotes of the S&P 500 index are currently correcting downwards to the area of 3926.0.

American automaker Ford Motor Co. reported an increase in sales in August by 27.3% compared to the same period a year earlier, while the total number of cars sold was fixed at around 158.088 thousand vehicles. The same figure for electric vehicles quadrupled to 5.9 thousand cars. The day before, the developer of semiconductor products Broadcom Inc. published its financial results, reporting a 1.7-fold increase in net profit. The company posted 8.46 billion dollars in revenue, beating analysts' estimate of 8.41 billion dollars, and posted earnings per share of 9.73 dollars.

The US bond market this week began trading in the "green" zone: the popular 10-year Treasuries gained 0.13%, the long-term 20-year bonds increased by 0.12% and the global 30-year ones added 0.17% in value.

The growth leaders in the index are CF Industries Inc. (+4.34%), Hess Corp. (+3.83%), The Mosaic Co. (+3.79%), Halliburton Co. (+3.70%).

Among the leaders of the decline are Dish Network Corp. (-4.49%), Generac Holdings Inc. (-4.13%), Zebra Technologies Corp. (-3.92%).

The index quotes fell below the support line of the local uptrend, trying to consolidate in the downtrend. Technical indicators are holding a sell signal, which they have issued recently: fast EMAs on the Alligator indicator are moving away from the signal line, and the AO oscillator histogram, holding in the sell zone, is forming descending bars.

Support levels: 3878.0, 3641.0. | Resistance levels: 3992.0, 4180.0.

Find Us
First Floor, First St Vincent Bank LTD Building James Street Kingstown St Vincent and the Grenadines
Call Us
+1 415 367 3742

Solid ECN Securities is an international brand formed and authorized in Saint Vincent and the Grenadines with the registration number 1390 LLC 2021 committed to offering the best possible trading experience. Disclosure: Please note that foreign exchange and other leveraged trading involve a significant risk of loss. It is not fit for all investors and you should make sure you realize the risks involved, seeking independent advice if necessary.
Solid ECN Securities and it affiliates don't accept applications from Indonesia, Egypt, Australia, Bonaire, CuraƧao, East Timor, Liberia, Saipan, Russia, Sint Eustatius, Tahiti, Turkey, Guinea-Bissau, South Sudan and other restricted countries.
Copyright All Right Reserved 2023