Daily Market Report (26 June 2024)
- Wall Street closed mixed again on Tuesday following a cautious session, as investors awaited crucial U.S. data, including a report on consumer income and spending, for more insight into the Federal Reserve's interest rate outlook.
- Nvidia stock rebounded on Tuesday following a multi-day decline, boosting the tech-heavy Nasdaq, which increased by 1.3%.
- The S&P 500 closed 0.4% higher as well while the Dow eased 0.8% mainly due to selling on consumer stocks.
- Regionally, key indices finished mostly higher due to bargain hunting activities.
- Hong Kong stocks recovered stability, raising the HSI by 0.25% following three days of significant losses, as Mainland Chinese and European ministers initiated dialogue on tariffs for Chinese electric vehicles.
- As for the local bourse, The FBM KLCI trended downward as investor sentiment remained cautious due to a lack of buying catalysts.
- Despite this, we believe the sell-off offers an opportunity for investors to find bargains in lower-priced stocks.
- However, we exercise caution due to increasing market volatility and expect the benchmark index to consolidate until more clarity emerges.
- Therefore, we anticipate the benchmark index to range between 1,580 and 1,590 today.
