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 (Oct 18): The FBM KLCI fell 0.15% today in tandem with the day's general negative performance across the region.
The benchmark index closed at 1,738.01, down 2.58 points from yesterday.
Malacca Securities Sdn Bhd senior analyst Kenneth Leong said the decline reflected regional sentiments.
"In Malaysia, there were some extended profit-taking as well," Leong told theedgemarkets.com.
Reuters reported that US Federal Reserve's minutes for its September meeting showed all policy makers agreed to raise key interest rates for a third time in 2018, knocking global sentiments.
The report added that heavy selling of Chinese shares also soured confidence in the Asian market day, leading to an extension of losses in Japanese stocks.
Japan's Nikkei 225 closed 0.8% lower at 22,658.16, after a surprise decline in exports data, a first in 22 months.
China's Shanghai Stock Exchange Composite fell 2.94% to 2,486.42.
On Bursa Malaysia, decliners led gainers by 438 to 307, with 436 counters traded unchanged.
Top gainers included Dutch Lady Milk Industries Bhd and Heineken Malaysia Bhd, while top actives included Borneo Oil Bhd and Malaysian Resources Corporation Bhd.
Source: The Edge
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