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Posted September 12, 2022

Ray Blanco

By Ray Blanco

Tech Turns it Around With Another Day of Gains

We were finally treated to some green in the markets following a painful three weeks of red. 

Last week’s push was quite impressive, the tech-heavy Nasdaq led the way and continues to lead the pack today. 

The major averages have effectively halted their respective slides following a failed move lower early last week. The three-day rally that followed lifted the S&P back over its 50-day moving average after testing 3,900, same goes for the Nasdaq Composite, which is also back above its 50-day. 

Perhaps the main lift this market is getting right now comes courtesy of the US dollar, which has mercifully backed off its highs. The Dollar Index continues to fade today, down by just under a point. 

Another factor could be that people came into September way too bearish… You tend to see some reversal whenever too many traders pile on one side, we might even get some squeeze action before the market decides what to do next.

All in all, it’s nice to see some of the positive action continue from last week. Looking ahead at this week, all eyes will be on the August Consumer Price Index (CPI) report hitting the tape before markets open tomorrow.

Economists are expecting the CPI to show prices fell 0.1% from July to August, primarily due to the continued sliding of energy prices. If realized, this would mark the first monthly decline since May 2020.

We’ll see how the market digests this report tomorrow… 

With that, read below for everything I have my eye on this week…

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Tesla Looking Into Building Lithium Refinery

The electric-car company says it is considering potential sites in Texas and Louisiana to refine key material for batteries. Read more…

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Apple’s iPhone Satellite Service Kicks Off Smartphone Space Race

Years of preparation helped the tech giant, but other phone makers, wireless carriers and aerospace companies have similar ambitions. Read more…

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Extreme California Heat Knocks Key Twitter Data Center Offline

Extreme heat in California has left Twitter without one of its key data centers, and a company executive warned in an internal memo that another outage elsewhere could result in the service going dark for some of its users. Read more…

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One Year After SpaceX Bought it, Swarm is Pushing into New Markets

The IoT satellite company aims to be in 40 countries before 2024, up from 17 this year. Read more…

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Hyundai’s Self-Steering Ship Subsidiary Says it Has Made Hundreds of Sales

Avikus’s semi-autonomous technology recently helped guide a natural gas tanker from Texas to South Korea. Read more…

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