US markets extended losses as rising oil prices and a sharp sell-off in tech stocks weighed on sentiment , overshadowing dovish signals from the Federal Reserve. Key Market Moves S&P 500 fell 0.4% to 6,343.72 Nasdaq dropped 0.7% to 20,794.64 Dow Jones rose 0.1% to 45,216.14 Key takeaway: Tech weakness and oil-driven inflation fears are dragging the broader market lower. What’s Driving the Sell-Off? 1. Oil Prices Surge Again Crude oil jumped over 5% to around US$105 Driven by ongoing US–Iran–Israel conflict Higher oil = higher inflation risk = pressure on equities 2. Tech Stocks Lead the Decline Heavy losses in AI, chip, and data-related names: Applied Digital : -13.5% AXT Inc : -13% Micron Technology : -9.9% Arm Holdings : -5% Intel : -4.5% Super Micro Computer : -4.1% AI and semiconductor stocks are facing profit-taking and valuation concerns 3. Fed Comments Not Enough to Lift Sentiment Jerome Powell signaled no immediate rate hikes despite rising energy pri...
KUALA LUMPUR (Aug 3): The FBM KLCI ended 1.96 points or 0.11% higher on bargain hunting and as investors evaluated changes in corporate Malaysia amid heightened US-China trade war concerns.
At 5pm, the KLCI closed at 1,780.09 points after falling to its intraday low at 1,773.89 points as the US-China trade war intensified. Reuters reported that investors also remain cautious ahead of the July US jobs report due later on Friday, which will give a reading on the health of the world's largest economy and possible clues about the pace of Federal Reserve interest rate rises.
In Malaysia, a senior fund manager with a foreign investment bank told theedgemarkets.com: “Investors are looking for clues as they absorb the latest changes in the local corporate scene.”
The fund manager might be referring to Malaysia corporate news including Khazanah Nasional Bhd's announcement today on the appointment of Datuk Shahril Ridza Ridzuan as managing director. Khazanah said Shahril is scheduled to report for duty as managing director on Aug 20, 2018.
Across Bursa Malaysia today, 1.85 billion shares worth RM1.58 billion changed hands. Top gainers included United Plantations Bhd and Malaysia Airports Holdings Bhd.
Leading decliners included Telekom Malaysia Bhd and Yong Tai Bhd.
Source: The Edge
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