Nasdaq Hits Another Record As Tech Surge Lifts Wall Street
The Nasdaq climbed 207.32 points, or 0.98%, to 21,450.02 — its 18th record close of the year — while the S&P 500 rose 49.45 points, or 0.78%, to 6,389.45, just shy of its own record. The Dow Jones Industrial Average added 206.97 points, or 0.47%, to 44,175.61. All three major indexes posted solid weekly gains: S&P 500 up 2.4%, Dow up 1.3%, and Nasdaq up 3.9%.
Apple Inc shares jumped 4.2% on Aug 8 and 13.3% for the week, marking their best weekly performance since 2020. The rally followed President Donald Trump's announcement that Apple will invest an additional US$100 billion in the US, bringing its total planned commitment to US$600 billion over four years.
The S&P 500's technology and communication services sectors led the advancement on Aug 8, both ending at record highs. Gilead Sciences surged 8.3% after raising its full-year outlook, while Expedia gained 4.1% on upgraded revenue and bookings guidance.
Weaker US economic data has bolstered bets on Federal Reserve (Fed) rate cuts. According to CME's FedWatch Tool, traders see an 89.4% chance of at least a 25-basis-point cut in September, up from 80.3% a week ago, with two cuts expected by year-end. Investor focus also turned to Trump's nomination of Council of Economic Advisors Chair Stephen Miran to a short-term Fed board seat after Adriana Kugler's abrupt departure.
Looking ahead, markets face a key test with Aug 12's Consumer Price Index report, while geopolitical tensions persist after India shelved planned US arms and aircraft purchases in response to higher tariffs.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
New Straits Times
38 minutes ago
- New Straits Times
Ringgit likely to trade cautiously next week amid US tariff concerns
Bernama KUALA LUMPUR: The ringgit is anticipated to trade cautiously against the dollar next week as investors monitor external developments, particularly regarding United States tariffs. In a research note, Kenanga Investment Bank Bhd stated that the ringgit should find support from domestic economic stability and a softer US dollar, likely holding near current levels. "President Donald Trump's proposed chips and pharmaceutical tariffs will likely dampen sentiment in risk assets. Investors are also tracking pressure on BRICS and signs of strain in the US-China trade detente. "Trump's rapid-fire policy moves and media headlines continue to drive market uncertainty," it said. As such, the research firm said the ringgit has traded higher this week, hovering within the range of 4.23-4.24 after a weaker-than-expected US jobs report pulled the greenback lower. On a Friday-to-Friday basis, the ringgit ended the week higher against the greenback, closing at 4.2420/2480 versus 4.2750/2815 previously. However, the local note traded lower against a basket of major currencies. On Friday, the ringgit depreciated vis-à-vis the Japanese yen to 2.8720/8763 from 2.8407/8452 the previous week, declined against the British pound to 5.7034/7114 from 5.6208/6293 and eased versus the euro to 4.9381/9451 from 4.8752/8826. The ringgit also trended lower against Asean currencies. The local note slipped against the Singapore dollar to 3.3014/3064 from 3.2907/2960 at the end of last week, inched down versus the Thai baht to 13.1173/1419 from 13.0058/0319, slid versus the Indonesian rupiah to 260.3/260.8 from 258.8/259.4 and edged down against the Philippine peso to 7.43/7.44 from 7.35/7.36 in the preceding week.
New Straits Times
an hour ago
- New Straits Times
Chinese state media says Nvidia H20 chips not safe for China
BEIJING: Nvidia's H20 chips pose security concerns for China, a social media account affiliated with China's state media said on Sunday, after Beijing raised concerns over backdoor access in those chips. The H20 chips are also not technologically advanced or environmentally friendly, the account, Yuyuan Tantian, which is affiliated with state broadcaster CCTV, said in an article published on WeChat. "When a type of chip is neither environmentally friendly, nor advanced, nor safe, as consumers, we certainly have the option not to buy it," the article concluded. Nvidia did not immediately respond to a request for comment. H20 artificial intelligence chips were developed by Nvidia for the Chinese market after the US imposed export restrictions on advanced AI chips in late 2023. The administration of US President Donald Trump banned their sales in April amid escalating trade tensions with China, but reversed the ban in July. China's cyberspace watchdog said on July 31 that it had summoned Nvidia to a meeting, asking the US chipmaker to explain whether its H20 chips had any backdoor security risks - a hidden method of bypassing normal authentication or security controls. Nvidia later said its products had no "backdoors" that would allow remote access or control. In its article, Yuyuan Tantian said Nvidia chips could achieve functions including "remote shutdown" through a hardware "backdoor." Yuyuan Tantian's comment followed criticism against Nvidia by People's Daily, another Chinese state media outlet. In a commentary earlier this month, People's Daily said Nvidia must produce "convincing security proofs" to eliminate Chinese users' worries over security risks in its chips and regain market trust.
Malaysiakini
an hour ago
- Malaysiakini
Bring unity among M'sians if you care about Jalur Gemilang
LETTER | Lately, there has been an ongoing political spat between Umno Youth and DAP Youth. DAP Youth had condemned the statement of Umno Youth chief Dr Akmal Saleh, who urged the public to 'visit' a business premises located in Kepala Batas, Penang 'to right' the issue of a Jalur Gemilang being hung upside down. Looking at the behaviour of both youth leaderships, one wonders whether they represent national-based parties with a plethora of real issues to resolve or confining themselves to being heroes to their respective supporters. Issues related to violating a national flag should be seen from the perspective of intentions and be corrected through education, if there has been a mistake. The force of law should come into play when people deliberately violate what is considered a symbol of national identity and unity. The Malaysian flag itself reflects the substance of national unity and both Umno Youth and DAP Youth should focus on that by working together to build a cohesive and progressive society. They should reflect on the deeper message that emanates from the Malaysian flag as follows: Creating a cohesive society Currently, Malaysia is going through various global and national socio-economic challenges, which could only be navigated if there is national consensus and cohesiveness on the direction of the nation. The current trade war in the form of tariffs has forced many nations to re-examine their socio-economic systems that could threaten cohesiveness. US President Donald Trump For example, Singapore has launched a review of its economic strategy, establishing committees to address socio-economic challenges. These committees, composed of political office holders, union representatives, and private sector leaders, would develop strategic recommendations aimed at strengthening Singapore's global competitiveness and improving its start-up ecosystem. The committees will focus on areas like sectoral restructuring, future-ready workforce development, and entrepreneurship. The recommendations are expected to be published by mid-2026. All the issues mentioned transcend race and religious issues. All this is possible in Singapore because it has built a cohesive society where the traditions of ethnicity and religion complement rather than becoming a threat to society. Constitutional principles of justice It is vital for Umno Youth and DAP Youth to come up with a common understanding of fairness and justice in applying the rule of law and the pursuit of social justice. In Malaysia, the perception of double standards in the application of the rule of law is common. We need a youth vision in the country where wrongdoing is punished irrespective of parties, whether in government or opposition. There should be a sense of fear and respect for institutions that will not hesitate to even investigate the prime minister and upper-class elites for wrongdoing. Both Umno Youth and DAP Youth should create such a vision of institutions that respect the wholeness of the Constitution. Institutions of justice should project credibility and integrity if they respect and value the Malaysian flag. The Constitution should also be interpreted in its wholeness and not in parts. Politics of race, religion and ideology tend to view things in parts, and this leads to a myopic vision of the Constitution. Platforms for dialogue, consensus Finally, dialogue in pursuit of unity and social justice is imperative since Malaysia is a multi-ethnic and religious society, with Islam as the official religion of the Federation. The historical roots and formation of the country should be respected and at the same time, the evolving history of Malaysia from an ethno-religious society to a multi-ethnic and multi-religious one should be accepted as fact and reality. Once this foundation is agreed upon without ethno-religious politicking, dialogue among communities of all ethnicities becomes a reality. It is through face-to-face dialogue that one would be able to understand the fears, grievances and aspirations of the other. As for the flag issue, the issue could have been resolved if DAP Youth and Umno Youth sit down and deliberate on the substance of the issue, instead of trying to score political points through the media to show that they are speaking for their communities. There is a necessity for current and future generations to build a culture of dialogue to resolve complex national and global issues. Therefore, it is time for both youth wings to wake up from their selective focus on issues and deal with the real problems facing Malaysians. The views expressed here are those of the author/contributor and do not necessarily represent the views of Malaysiakini.
