KUALA LUMPUR, Jan 27 (Bernama) -- Bursa Malaysia finished in the negative territory today dampened by subdued trading observed across the board ahead of the upcoming Chinese New Year (CNY) festive holidays, said an analyst. At 5 pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) slipped 14.76 points, or 0.94 per cent, to end at its intraday low of 1,558.97 compared to Friday’s close of 1,573.73. The benchmark index opened marginally lower by 0.42 of-a-point at its intraday high of 1,573.31 and moved in a downtrend path towards closing. Market breadth was negative with decliners thumping gainers 782 to 235, with 415 counters unchanged, 916 untraded and 60 suspended. Turnover narrowed to 2.76 billion units valued at RM2.38 billion compared to 3.0 billion units valued at RM3.06 billion registered last Friday. UOB Kay Hian Wealth Advisors Sdn Bhd head of investment research Mohd Sedek Jantan noted that the thin trading volume today indicated a clear retreat by investors ...
US stocks advanced on Wednesday as investors digested a significant downward revision in payroll data and the minutes from the latest Federal Reserve (Fed) meeting, which solidified expectations for a rate cut in September. The trading was relatively range-bound, with all three major US stock indexes closing modestly higher, led by gains in technology stocks.
Key Takeaways:
Market Performance:
- The Dow Jones Industrial Average rose by 55.52 points (0.14%) to 40,890.49.
- The S&P 500 gained 23.73 points (0.42%) to 5,620.85.
- The Nasdaq Composite added 102.05 points (0.57%) to 17,918.99.
Fed Minutes and Economic Data:
- The Fed minutes from the July meeting indicated that members were already leaning toward a rate cut, which has bolstered market confidence that a rate reduction could happen in September.
- The Labor Department’s preliminary revision to payroll data showed a steep downward adjustment, lowering the originally reported 2.9 million job additions by 818,000 for the 12 months through March 2024. This revision, the steepest since the global financial crisis, suggested a more pronounced softening in the labor market than previously thought.
Sector Performance and Notable Stock Movements:
- Consumer discretionary shares led the gains among the S&P 500 sectors.
- Target Corp surged 11.2% after raising its 2024 profit forecast and posting its first quarterly increase in same-store sales in over a year.
- TJX Cos also rose 6.1% after lifting its annual profit forecast.
- Macy's dropped 12.9% after lowering its annual net sales forecast.
- JD.com saw its US-listed shares fall 4.2% following Walmart's decision to sell its stake in the company.
- Ford Motor Co. rose 1.6% after announcing changes to its electric vehicle strategy.
Market Sentiment:
- The release of the Fed minutes and the revision to payroll data has increased anticipation for Fed Chair Jerome Powell’s upcoming speech at the Jackson Hole Economic Symposium, where investors expect more insights into the Fed’s outlook on interest rates and the labor market.
- Trading volume was lighter than usual, with 9.86 billion shares exchanged on US exchanges, below the recent average of 12.06 billion.
Overall, the positive performance of the US stock market on Wednesday reflects investor optimism about potential Fed rate cuts, supported by weaker labor market data. The upcoming Jackson Hole symposium remains a focal point, with market participants keenly awaiting Powell's remarks.
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