Daily Market Report - 7 Jan 2025
- Wall Street ended the session mixed, with profit-taking weighing on the Dow, while the S&P 500 and Nasdaq extended their rallies, driven by strong demand for tech stocks.
- Selling in telecom and utilities caused the DJIA to decline by 0.06%.
- Meanwhile, investors turned bullish on the semiconductor sector after stellar results from Foxconn, driving Nvidia's stock to a fresh peak.
- This momentum propelled the S&P 500 and Nasdaq to close 0.55% and 1.24% higher, respectively.
- In Hong Kong, stocks closed lower due to a regional sell-off, as market sentiment was affected by fears that U.S. interest rate reductions may occur more slowly than anticipated.
- Back home, the FBM KLCI fell below the 1,630 support level, and consolidation is expected to persist until a new catalyst emerges.
- A decisive breakthrough above the 1,645 resistance level is crucial for the index to reestablish its bullish trajectory.
- For today, the FBM KLCI is expected to trade within the 1,620 to 1,630 range, reflecting cautious market sentiment.
