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Wall Street closed mixed amid a sell-down on mega tech stocks ahead of their respective earnings report.
Reality on AI boom finally sunk in as earnings from these AI- related tech companies may take longer than anticipated, says Rakuten Trade.
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“Therefore, though the DJIA added 203 points, the Nasdaq declined by 223 points as the US 10-year yield eased further to 4.14% amid a cooling US job market in June,” it says.
Over in Hong Kong, the HSI weakened to just above the 17,000 mark as sentiment was affected from the lack of details regarding the stimulus measures from China while bracing for the release of China’s manufacturing data later this week.
Meanwhile, the FBM KLCI continues with its slide as sellers came out in droves during the afternoon session.
“Though we believe trading to remain lacklustre ahead of the Federal Reserve meeting later today, we reckon some bargain hunting activities may emerge to lend support for the local bourse.
“Thus, we expect the index to trend between the 1,610-1,620 range today. Meanwhile, it is worthwhile to note that the MYR has strengthened to RM4.62/USD1.”
WellCall Holdings may rise if RM1.19 resistance is breached, otherwise selling pressure could increase.
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