Market Review

MY: The local bourse traded lower, weighed down by losses in banking heavyweights. Broader sentiment remained subdued, with negative market breadth as 740 losers outpaced 322 gainers. Sector-wise, Construction (+0.77%) outperformed, while REITs (-1.83%) lagged the most.

US:  Wall Street ended mixed on Monday as gains in technology and consumer stocks offset weakness in financials and utilities. The S&P 500 and Nasdaq rose 0.4% and 1.1%, respectively, lifted by rallies in Amazon and Nvidia. Meanwhile, the Dow dipped 0.1%, weighed down by losses in JPMorgan Chase.

The Day Ahead

US: Wall Street may see a further tech-led recovery as investors buy the dip in semiconductor and AI-linked shares, although elevated oil prices and Treasury yields above 5.1% could limit broader risk appetite. Tuesday's earnings take centre stage, with General Motors (GM) and GE Aerospace (GE) reporting before the open, followed by Netflix (NFLX) and SpaceX (SPCX) after the close. Investors will scrutinise corporate guidance for signs of resilient demand, while Netflix's results and SpaceX's earnings report could offer fresh insights into digital monetisation and AI-related investment ambitions.

MY: The local bourse may trade mixed amid persistent foreign selling and global uncertainty that could cap the upside on the broader market. However, improved technology sentiment and robust September export growth are likely to offer some support; Malaysia's exports surged 54.5% YoY to RM215.1bn in September, supported by stronger electrical and electronics shipments. Stock-specific catalysts include JTGROUP, following its RM30.1m data-centre infrastructure contract in Kulai, Johor. Meanwhile, GDB may also warrant attention after securing a RM119m subcontract for Sarawak's Phase 3 National Flood Forecasting and Warning Programme, with completion scheduled for November 2029.