Wall Street Eyes Key Economic Data - Photo by Pixabay on Pexels.com
Wall Street ended mixed after corporate earnings showed varying performances. The DJIA slipped 0.33% amid disappointing earnings and the prolonged Boeing strike. Tesla’s earnings boost lifted the Nasdaq by 0.76% and the S&P 500 by 0.21%, while the 10-year Treasury yield fell to 4.21%. Across Asia, stocks ended mostly lower, pressured by global equity sell-offs linked to rising U.S. Treasury yields.
Concerns over the contentious US
election weighed heavily. In Hong Kong, the HSI fell more than 270 points, as tech stocks saw sharp declines while some investors locked in gains from recent rallies.
Regional weakness led the FBM KLCI to close lower and we reckon this presents a buying opportunity for bargain hunters.
“As the index approaches oversold levels, we expect stock accumulation on dips and foresee a rebound, with the index trending between 1,630-1,640 today,” Rakuten says.
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