Daily Market Report (9 July 2024)
- Wall Street closed on a mixed note with the DJIA ended in negative territory as both the Nasdaq and S&P 500 touched new record highs.
- Meanwhile, traders are looking forward to the inflation data later this week amid elevated expectations that the Federal Reserve will cut rates twice this year.
- As a result, the DJIA ended lower by 31 points while the Nasdaq added 51 points with the US 10-year yield inching marginally higher at 4.279%.
- Over in Hong Kong, the HSI ended in negative territory despite a strong opening on concerns over the escalation of trade war between China and the EU.
- Back home, we expect buyers to emerge after a spate of late selling last Friday.
- Nonetheless, we believe sentiment may remain cautious following a weak regional performance yesterday thus anticipate the FBM KLCI to trend within the 1,610-1,620 range today.
