empty
14.11.2022 03:30 PM
Xi's meeting with Biden – talk "about nothing"

The market reacted calmly to the fact that US President Joe Biden and Chinese President Xi Jinping met for the first time since Biden took office. The dialogue was originally painted down to every word so that it could observe only the "shaking of the air."

"We need to chart the right course for Sino-American relations," Xi said at the opening of the meeting. "We also need to find the right direction for the development of bilateral relations and raise them to a new level." Xi stressed the need to learn from history by using it as a mirror. He also said that bilateral relations are not in a position to meet the interests of the people of the two countries and do not meet the international community's expectations.

According to Biden, the US and China can manage their differences and prevent competition from becoming a conflict.

This image is no longer relevant

Let me remind you that tensions between the United States and China have escalated at the moment: starting with the topic of Taiwan and the special military operation in Ukraine and ending with the ban on American companies selling technology to Chinese businesses.

Premarket:

Hasbro shares fell 5.2% in premarket trading after Bank of America's double downgrade to "worse market" from "buy." This move was made after BofA conducted a more in-depth study of the company's affairs and stated that Hasbro was destroying the long-term value of the business.

Oatly, the beverage maker, fell 11.8% in premarket trading after it reported larger-than-expected quarterly losses and weak earnings that fell short of forecast. Oatly said its results were influenced by several factors, including restrictions imposed by China due to COVID, production problems, and the strengthening of the US dollar.

Shares of AMD, the chipmaker, rose 3.2% in premarket trading after receiving new ratings from Baird and UBS. The companies referred to positive cyclical trends in the industry and high demand from data center equipment manufacturers for AMD Genoa chips.

Amazon securities fell by 1.7% in the premarket after Bank of America removed the shares from its "US 1" list, although it retained the "buy" recommendation.

Teva's rating was downgraded from "neutral" to "below market" at JP Morgan Securities, indicating continued growth challenges for the drugmaker. Teva's shares fell 2.3% in premarket trading.

As for the technical picture of the S&P 500, after Friday's growth, the bulls continue to hope for a new rally. The main task for buyers now is to protect the support of $ 3,968. While trading will be conducted above this level, we can expect continued demand for risky assets. This will create good prerequisites for strengthening the trading instrument and returning $4,000 to control. The level of $4,038 is located slightly higher. A break in this area will strengthen the hope for a further upward correction with an exit from the resistance of $4,064. The furthest target will be the area of $4,091. In a downward movement, buyers must declare themselves in the $3,968 range. A breakdown of this range will quickly push the trading instrument to $3,942 and open up the opportunity to update the support at $3,905.

Jakub Novak,
Analytical expert of InstaForex
© 2007-2025
Summary
Urgency
Analytic
Pavel Vlasov
Start trade
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

Update on US stock market on July 11: stock indices extending modest growth

S&P500 Snapshot of major US stock indices Dow Jones: +0.5% NASDAQ: +0.2% S&P 500: +0.3%, S&P 500 closed at 6,283, trading in a range of 5,900 to 6400 The stock

Jozef Kovach 12:57 2025-07-11 UTC+2

US stock market on July 11: S&P 500 and NASDAQ hit record highs before retreating

On Wednesday, the US stock market closed higher, with the S&P 500 gaining 0.27%, the Nasdaq 100 rising 0.09%, and the Dow Jones Industrial Average advancing 0.43%. However, during Asian

Jakub Novak 11:42 2025-07-11 UTC+2

Stock market on July 10: SP500 and NASDAQ extend upward momentum

US stock markets ended the previous trading session with gains, continuing their upward trajectory. The S&P 500 rose by 0.61%, the Nasdaq 100 advanced 0.94%, and the Dow Jones Industrial

Jakub Novak 12:42 2025-07-10 UTC+2

Update on US stock market on July 10: bullish trend going on

S&P500 Snapshot of major US stock indices on Wednesday: Dow +0.5%, NASDAQ +0.9%, S&P 500 +0.6%, S&P 500 6,263 in the range of 5,900 to 6,400. The stock market began

Jozef Kovach 11:41 2025-07-10 UTC+2

Update on US stock market on July 9: consolidation stage. Bank stocks decline

S&P500 Snapshot of major US stock indices on Tuesday: Dow -0.4%, NASDAQ -0.1%, S&P 500 -0.1%, S&P 500 at 6,225, within the range of 5,900 to 6,400 A lack

Jozef Kovach 12:55 2025-07-09 UTC+2

Stock market on July 9: S&P 500 and NASDAQ struggle to gain ground

US stock indices closed mixed on Monday, reflecting growing uncertainty in investor sentiment. The S&P 500 dipped slightly by 0.07%, the Nasdaq 100 made a modest gain of 0.03%, while

Jakub Novak 11:22 2025-07-09 UTC+2

Stock market on July 8: S&P 500 and NASDAQ continue their decline

US stock indices closed lower yesterday, extending recent losses. The S&P 500 dropped by 0.79%, while the Nasdaq 100 fell 0.92%. The industrial Dow Jones index retreated by 0.94%. Asian

Jakub Novak 10:48 2025-07-08 UTC+2

US market retreats on Trump tariffs. Correction ahead?

S&P 500 Overview for July 8 US market pulls back on Trump tariffs Major US indices on Monday: Dow -0.9%, NASDAQ -0.9%, S&P 500 -0.8%, S&P 500: 6,230, trading range

Jozef Kovach 09:52 2025-07-08 UTC+2

Stock market on July 7: S&P500 and NASDAQ drop

Last Friday was a public holiday in the US, so trading was not conducted. However, today, at the opening of the Asian session, index futures declined while the US dollar

Jakub Novak 13:41 2025-07-07 UTC+2

Stock market on July 4: S&P 500 and NASDAQ hit fresh all-time highs

US stock indices closed higher yesterday. The S&P 500 rose by 0.83%, while the Nasdaq 100 added 1.02%. The Dow Jones Industrial Average advanced by 0.77%. During today's Asian trading

Jakub Novak 12:59 2025-07-04 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.