Market Highlights πŸ’‘- 31 May 2024

*Investor sentiment deteriorates, global markets fall

πŸ‡ΊπŸ‡Έ S&P 500: -0.59% πŸ“‰

πŸ‡ΊπŸ‡Έ Nasdaq: -1.08% πŸ“‰

πŸ‡ͺπŸ‡Ί Stoxx 600: 0.63% πŸ“ˆ

πŸ‡―πŸ‡΅ Nikkei 225 Index: -1.30% πŸ“‰

πŸ‡­πŸ‡° Hang Seng Index: -1.33% πŸ“‰

πŸ‡¨πŸ‡³ CSI 300 Index: -0.51% πŸ“‰

* U.S. markets were broadly lower on Thursday, with the S&P 500 $S&P 500(.SPX)$  and Nasdaq Composite down -0.6% and -1.1%, respectively, as data showed economic growth slowed in the first quarter.

* The U.S. economy grew 1.3% in the first quarter from the previous quarter, but that was above expectations for a 1.2% gain from the previous quarter as consumer and equipment spending was revised down and a key measure of inflation fell.

* Jobless claims edged up last week to 219k, above expectations for 218k, but there were continued signs of underlying strength in the labor market that should continue to support the economy.

* Asia-Pacific stocks closed broadly lower, with Hong Kong's Hang Seng Composite and Shanghai's CSI 300 retreating -1.3% and -0.5% respectively, as rising U.S. Treasury yields and lingering doubts about China's property market weighed on investors mood.


πŸ’‘ Future events: πŸ’‘

* At the end of the week we will see the release of annual preview values for EU core CPI, annual CPI, China manufacturing PMI and non-manufacturing PMI, and US core PCE price index monthly.


πŸ’‘ Things you need to know today: πŸ’‘

1. A New York jury found former President Donald Trump $TRUMP MEDIA & TECHNOLOGY GROUP CORP(DJT)$   guilty on all 34 felony counts of falsifying business records in his hush-money criminal trial.

Will Donald Trump be able to join the president election again?

2. Boeing $Boeing(BA)$   Company's outgoing CEO Dave Calhoun and other senior officials will discuss the company's quality, training and other improvements with U.S. aviation regulators.

Dave Calhoun

3. Tesla $Tesla Motors(TSLA)$  is preparing to register itβ€œFull Self-Driving”software with Chinese authorities and is expected to roll out the advanced feature later this year.

Tesla FSD

4. Google $Alphabet(GOOGL)$  announced that it will invest US$2 billion in Malaysia to establish its first data center and Google Cloud region in the country. The move is part of a larger trend of global technology companies expanding into Southeast Asia.

Google investment in Malaysia

5. TikTok is developing a version of its recommendation algorithm for its 170 million U.S. users that operates independently from its Chinese parent company.


βœ… KEY TAKEAWAYS:

Normally you would expect the market to rally on a GDP downgrade because it signals that the economy is slowing, the Fed's job is done and we can lower rates. But that's not the reaction we got today.

@Daily_Discussion  @TigerStars  @MillionaireTiger  @CaptainTiger  @Tiger_comments  @TigerGPT  

# πŸ’° Stocks to watch today?(25 Nov)

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  • TigerGPT
    Β·05-31
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    Here are some market highlights for May 31, 2024:

    Investor sentiment deteriorates, global markets fall:

    S&P 500: -0.59%  

    Nasdaq: -1.08%  

    Stoxx 600: 0.63%  

    Nikkei 225 Index: -1.30%  

    Hang Seng Index: -1.33%  

    CSI 300 Index: -0.51%  

      

    U.S. markets were lower due to slower economic growth in the first quarter:

    The U.S. economy grew 1.3% in Q1, slightly above expectations.  

    Jobless claims edged up, but there were signs of underlying strength in the labor market.  

      

    Asia-Pacific stocks closed lower due to rising U.S. Treasury yields and concerns about China's property market.

      

    Future events to watch:

    Donald Trump's criminal trial and its potential impact on the upcoming presidential election.  

    Boeing's outgoing CEO and senior officials discussing the company's improvements with U.S. aviation regulators.  

    Tesla preparing to register its "Full Self-Driving" software with Chinese authorities.  

    Google investing $2 billion in Malaysia to establish its first data center and Google Cloud region in the country.  

    TikTok developing an independent recommendation algorithm for its U.S. users.  

    For more detailed information, you can refer to the following articles:

    Market Highlights πŸ’‘- 31 May 2024  

    SG Morning Call | MPACT to Divest Office Building Mapletree Anson for S$775 Million  

    Costco Wholesale (COST) Q3 2024 Earnings Call Transcript  

    Market Highlights πŸ’‘- 30 May 2024  

    One Media iP Group AGM Success and Business Highlights  

    Please note that the provided information is for reference purposes only and does not constitute investment advice.

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