Singaporean Prime Minister Lawrence Wong has urged the public to remain calm and united following a knife attack on Father Christopher Lee , a priest at St Joseph’s Church in Bukit Timah on Saturday. In a social media post, Wong expressed his shock and sadness over the attack, emphasizing that violence has no place in the country. He also called for support and solidarity, stating, "We must uphold the safety and sanctity of our places of worship." The incident occurred during the 5:30 pm Mass , when a 37-year-old Singaporean Sinhalese man , armed with a knife, attacked Father Lee. Fortunately, several parishioners managed to disarm the suspect before he could cause further harm. The assailant, who has a history of serious offenses and drug-related crimes, was arrested by police. Preliminary investigations suggest the attack was not terrorism-related, and the suspect acted alone. Father Lee is currently receiving treatment at National University Hospital and is in stable co
US stocks fluctuated as investors navigated fresh economic data and corporate earnings while preparing for key central bank decisions that are expected to shape global market trajectories.
Following a US$2.3 trillion Nasdaq 100 wipeout, investors are keenly awaiting Microsoft Corp’s earnings to see if the tech giant can shift market sentiment. Concerns persist that tech firms have yet to see returns from substantial investments in artificial intelligence. Microsoft's results will set the stage for upcoming reports from Meta Platforms Inc, Apple Inc, and Amazon.com Inc later in the week, along with anticipation for the Federal Reserve's decision on Wednesday.
“It’s likely the Fed does signal that looming cut and given the recent pullback, that should help this rebound continue,” said Tom Essaye at The Sevens Report. “However, if the Fed does not signal a September rate cut, markets could get a bit ugly given recent tech weakness, especially if earnings underwhelm.”
Key Takeaways:
Federal Reserve Decision: The Fed is expected to hold benchmark rates at their highest level in over two decades this week. Traders are closely watching for any hints of potential policy easing. Data shows US consumer confidence rose in July, and job openings exceeded forecasts.
Market Performance:
- The S&P 500 hovered around 5,460.
- A gauge of the “Magnificent Seven” megacaps fell 0.5%.
- The Russell 2000 of small caps gained 0.4%.
- Microsoft Azure is investigating global connectivity issues.
- Advanced Micro Devices Inc climbed ahead of its results.
- PayPal Holdings Inc soared on a bullish outlook.
- Procter & Gamble Co sank on a sales miss.
Treasury and Yen: Treasury 10-year yields remained steady at 4.17%, while the yen weakened as the Bank of Japan began its two-day policy meeting. BOJ Governor Kazuo Ueda is expected to outline plans for quantitative tightening and make a decision on the policy interest rate.
Goldman Sachs Forecast: Goldman Sachs CEO David Solomon now sees one or two Fed rate cuts later this year, a shift from his earlier prediction of no rate reductions in 2024. “One or two cuts in the fall seems more likely,” Solomon said, noting the impact of prolonged inflationary pressures on consumer behavior.
Historical Context:
- If the Fed starts a rate reduction cycle, stock bulls have history on their side. Historically, the S&P 500 has risen an average of 5% a year after the first cut following a rate hike cycle, according to CFRA. Additionally, the small-cap Russell 2000 Index has shown an average gain of 3.2% 12 months later.
As the market awaits the Fed's decision and major corporate earnings, investors remain cautiously optimistic about potential signs of economic stabilization and recovery.
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