US stocks end up on jobs data, China hopes
The Dow rose 442.88 points, or 1.05%, to 42,762.62, the S&P 500 gained 61.02 points, or 1.03%, to 6,000.32 and the Nasdaq gained 231.50 points, or 1.20%, to 19,529.95.
NEW YORK: US stocks closed higher on Friday after a better-than-expected jobs report calmed worries about the economy, while Tesla bounced, clawing back some losses from a sharp plunge the previous session.
The S&P 500 closed above 6,000 for the first time since Feb. 21, fuelled by gains in technology shares.
Billed as RM9.73 for the 1st month then RM13.90 thereafters.
RM12.33/month
RM8.63/month
Billed as RM103.60 for the 1st year then RM148 thereafters.
Free Trial
For new subscribers only
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
New Straits Times
10 hours ago
- New Straits Times
The lesson Asean must draw from the Trump-Musk quarrel
THE public spat between President Donald Trump and Elon Musk should be viewed with detached clarity by Asean policymakers and observers. It is neither a signal of a shift in American foreign policy nor does it foreshadow a major realignment in the global tech landscape. In his second term, Trump has doubled down on his view that the US must be ruled not by institutions but by personalities. He has no patience with those who challenge his centrality. Musk, once an object of Trump's admiration, has become a rival personality. The former's influence spans multiple domains — space, artificial intelligence, electric vehicles and digital media. In the eyes of Trump, this influence must be subordinate to political loyalty. Musk's criticism of Trump, whether on policy, personality or principle, has thus drawn an inevitable response. Yet Musk is no innocent bystander. His relentless need to comment, provoke and insert himself into the political arena has increasingly eroded the neutrality that once insulated Tesla and SpaceX from partisan warfare. Since acquiring Twitter — renamed X — Musk has made the platform a personal amplifier of his views, often blurring the line between corporate strategy and personal vendetta. Just as Trump cannot resist attacking, Musk cannot help but respond. The result is a digital 'blood sport'. At a deeper level, Musk's recent provocations may be to deflect attention from his growing troubles. Tesla, long seen as the undisputed champion of electric vehicles, is now steadily losing global market share to China's BYD. Despite Musk's early-mover advantage, the Chinese EV juggernaut has surpassed Tesla in both unit sales and technological innovation, especially in markets across Asia and the Global South. This shift is not just commercial — it is geopolitical. China's industrial policy, from lithium refining to battery standardisation, has enabled firms like BYD to undercut and outpace American competitors. Tesla, by contrast, faces domestic regulatory scrutiny, investor fatigue and inconsistent leadership. Musk, who once rode the wave of futuristic optimism, is now increasingly seen as a mercurial figure whose ventures are overextended and reactive. While American media and pundits obsess about this feud, Asean must resist being distracted. The region is entering a critical decade in which its ability to lead on green transition, artificial intelligence governance and maritime security will define its global role. Whether Musk and Trump call each other names or trade blows on social media is irrelevant to the Asean Outlook on the Indo-Pacific, or to the implementation of the Regional Comprehensive Economic Partnership. Moreover, if there is a lesson to draw from this spectacle, it is the danger of personalising power. Asean's strength has always rested in its ability to temper egos through consensus and consultation. That is not a flaw but a survival mechanism. The bloc should be wary of importing political styles rooted in personality cults, where institutions are hollowed out in favour of personal charisma and performative leadership. Musk and Trump are both creatures of the same American pathology: the belief that individual willpower, when fused with wealth or fame, is enough to override complex systems. But Asean is different. The region's success depends not on dominant personalities but on the patient weaving of trust, rules and interdependence. Ultimately, Asean must tune out the noise. There are far more pressing issues to confront — from resolving the Myanmar crisis and addressing climate-induced migration, to strengthening regional supply chains and ensuring cybersecurity. The Musk-Trump bust-up may dominate headlines in Washington, but it is only a sideshow to the real geopolitical currents shaping Asia's future.
The Star
11 hours ago
- The Star
The good, the bad and the options
MANY countries, driven by increased life expectancy (ageing populations) and declining birth rates, are raising their retirement age. The older populations and shrinking labour force are pressuring the sustainability of pension systems. Some countries are even linking retirement age to life expectancy. Billed as RM9.73 for the 1st month then RM13.90 thereafters. RM12.33/month RM8.63/month Billed as RM103.60 for the 1st year then RM148 thereafters. Free Trial For new subscribers only
New Straits Times
13 hours ago
- New Straits Times
US-China renewed dialogue seen lifting Malaysia's trade outlook
KUALA LUMPUR: Renewed trade talks between the United States and China are expected to boost investor confidence and strengthen Malaysia's trade momentum, an economist said. Putra Business School economist Professor Dr Ahmed Razman Abdul Latiff said any move to reduce tariffs between the two economic giants could steady the sails for Malaysia by boosting confidence and trade visibility. "If the US and China agree to resume talks and reach a deal to reduce tariffs on each other, Malaysia's trade environment and investor sentiment will become less volatile and uncertain," he told Business Times. "This would boost investor confidence and encourage continued investment in Malaysia," Razman added, noting that while tensions persist, Malaysia is taking steps to shield its economy. Razman also expects Malaysia's export markets and supply chains to remain competitive, although growth may moderate slightly. This, he said, is supported by ongoing efforts to diversify export destinations, grow the country's trading partnerships and enhance intra-Asean trade. Should US-China negotiations break down again, he said the impact on Malaysia would likely remain limited. "There will be some negative impact but it will be minimum as majority of Malaysia's products such as semiconductor will not be subjected to higher tariffs by the US," he said. Trump and Xi held a 90-minute phone conversation on Thursday, marking their first direct dialogue since Trump resumed office. The call, widely viewed as a positive step towards easing the prolonged trade tensions between the world's two largest economies, laid the groundwork for renewed bilateral cooperation and the resumption of high-level trade negotiations. Both leaders agreed to restart trade talks, with senior US officials, including Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick, expected to meet their Chinese counterparts. The timing and venue for these negotiations have yet to be finalised but are anticipated to be announced in the coming weeks. Although the call sparked market optimism, US stocks closed lower as a sharp decline in Tesla shares outweighed the positive momentum from progress in US-China tariff negotiations. Tesla shares plunged over 14 per cent in heavy trading as the escalating public feud between Trump and businessman Elon Musk rattled investors, wiping out about US$150 billion in market value. Razman downplayed concerns over the spat saying, "The impact on Malaysia will be minimal, as the fallout primarily affects the SpaceX program and Tesla production."
