US:TSLA:Tesla
US:MSFT:Microsoft
US:META:Meta Platforms
President Donald Trump’s US$3.3 trillion tax-and-spending bill — dubbed the “One Big Beautiful Bill” — narrowly passed the Senate with a 51-50 vote, as Vice President JD Vance broke the tie. The legislation includes US$4.5 trillion in tax cuts and US$1.2 trillion in spending reductions, and now heads to the House amid intra-party tensions.
The bill phases out key green energy incentives, cutting electric vehicle tax credits that affect companies like US:TSLA:Tesla. Tax breaks for tips, overtime, and car loans are included, funded by cuts to Medicaid, food stamps, and student loans. The Senate also voted down a tech-lobby-backed measure to block state-level AI regulation, a setback for US:MSFT:Microsoft, US:META:Meta Platforms, and VC firm Andreessen Horowitz.
SGX:BEZ.SI:Union Steel Holdings
SGX:R14.SI:Eneco Energy
Union Steel Holdings sold 40 million shares in Eneco Energy for approximately $460,000 on July 1, reducing its stake to 26.11%. Founders Ang Yu Seng and Goi Seng Hui now each hold 26.11% of Eneco’s voting shares. The sale marks the fourth transaction since May, resulting in a loss of $11,000 compared to book value.
SGX:OAJ.SI:Fortress Minerals
Fortress Minerals reported 1QFY2026 earnings of US$2.48 million, up 7.2% y-o-y, with revenue climbing 62.9% to US$15.9 million. Strong demand for iron ore drove volume up 102.9%, despite a drop in average selling price. The group is advancing its diversification strategy with completed and ongoing projects at Bukit Besi and CASB mines.
SGX:JLB.SI:Grand Venture Technology
Grand Venture Technology (GVT) confirmed that confidential talks with a third party are still ongoing, and its plan for a secondary listing on Bursa Malaysia remains on hold. No certainty has been provided on the progression of these discussions.
SGX:5FY.SI:Ever Glory
Ever Glory completed the acquisition of Guthrie Engineering (GESPL) for $31.53 million. The acquisition was made in two tranches, with the final payment due by end-July. Tek Guthrie, an associated company of GESPL, is now affiliated with Ever Glory.
SGX:NIO.SI:Nio Inc.
Nio Inc. delivered 24,925 vehicles in June 2025, up 17.5% y-o-y. Q2 deliveries reached 72,056, a 25.6% increase, bringing cumulative totals to 785,714 vehicles. The deliveries span three brands: NIO, ONVO, and FIREFLY. Nio began SGX trading in May 2022.
SGX:S58.SI:SATS Group
SATS Group will raise its retirement age to 64 and re-employment age to 69, ahead of Singapore’s national policy timeline. The move, expected to benefit over 700 employees, is part of a broader workforce inclusivity and job redesign initiative.
SGX:P9D.SI:Civmec Limited
Civmec Limited acquired Luerssen Australia for A$20 million, bringing the shipbuilder’s operations under local ownership. The acquisition supports Civmec’s ambitions in Australia’s naval shipbuilding sector.
SGX:C31.SI:CapitaLand Development
SGX:U14.SI:UOL Group
CapitaLand Development and UOL Group secured High Court approval to acquire Thomson View Condominium for $810 million. With support from 80% of residents, the acquisition will rejuvenate a prime estate next to Upper Thomson MRT.
US:HPE:Hewlett Packard Enterprise
US:JNPR:Juniper Networks
The S&P 500 rose 0.6%, closing above 6,200 after a Department of Justice settlement allowed Hewlett Packard Enterprise to proceed with its Juniper Networks acquisition. The Nasdaq 100 also gained 0.6% as optimism grew over upcoming trade deals.
US:MRNA:Moderna Inc.
US:HOOD:Robinhood Markets
Moderna Inc. rose after its experimental flu shot met late-stage trial goals, supporting its combined vaccine strategy. Robinhood Markets soared 13% after announcing tokenised US securities trading in Europe.
US:S27.SI:S&P 500
Strategists from Morgan Stanley, JPMorgan, and Deutsche Bank weighed in on market direction. Some see support from expected Fed rate cuts, while others warn of a downturn if inflation or unemployment rises. Hedge funds continued net buying of US equities for the eighth straight week, though pension funds are expected to sell about US$28 billion in equities during the June rebalancing.
US:DIA:Dow Jones Industrial Average
US:UCO:crude oil
The Trump administration’s tariffs are under scrutiny for their muted inflationary effects so far. Federal Reserve Chair Jerome Powell noted the debt path is “not sustainable,” and pressure for a rate cut in July is mounting. Fed Governors Christopher Waller and Michelle Bowman hinted at potential cuts if June data shows weakness.
Tariff effects remain uncertain as businesses appear to be offsetting cost hikes, and Powell emphasized the unknowns around inflation transmission. Upcoming jobs and CPI data will be critical in guiding Fed decisions, as the market still sees only a 20% chance of a July rate cut.
📈 Wall Street Shifts Gears: Dow Climbs as Tech Falls, Health Stocks Surge; Figma Files IPO; Centene Plunges After Hours
US:DIA:Dow Jones Industrial Average
US:S27.SI:S&P 500
US:QQQ:Nasdaq Composite
The Dow Jones Industrial Average surged 400.17 points (+0.91%) to close at 44,494.94 on Tuesday, while the S&P 500 dipped 0.11% and the Nasdaq Composite slid 0.82%. Investors rotated out of tech stocks, favoring health care as uncertainties mounted around President Donald Trump’s tax-and-spending bill and Fed Chair Jerome Powell’s comments on tariffs delaying rate cuts.
US:MSFT:Microsoft, US:NVDA:Nvidia, and US:AMD:Advanced Micro Devices were among the tech names dumped. In contrast, healthcare giants like US:UNH:UnitedHealth and US:AMGN:Amgen surged over 4%, while US:MRK:Merck and US:JNJ:Johnson & Johnson rose more than 3% and 2% respectively. The XLK tech fund, up nearly 23% last quarter, began Q3 with a 0.9% drop.
US:TSLA:Tesla fell 5% after Trump criticized subsidies received by Elon Musk’s firms, reigniting an ongoing feud. Musk called Trump’s megabill “insane and destructive.” The bill narrowly passed the Senate (51-50) and moves to the House.
US:UCO:crude oil and tariffs remain under close watch as the 90-day tariff pause ends next week, possibly reigniting market volatility. Powell confirmed tariffs had stalled rate cuts, stating, “All inflation forecasts for the U.S. went up materially.”
US:FIG:Figma
Design software firm Figma filed for its IPO, aiming to debut on the NYSE under the ticker “FIG.” The company reported $749M in 2024 revenue but a net loss of $732.1M. However, it posted a profit in Q1, hoping to ride renewed interest in tech IPOs.
US:RCL:Royal Caribbean
US:CAH:Cardinal Health
US:CRWD:CrowdStrike
US:INTU:Intuit
US:STX:Seagate
US:ECL:Ecolab
Seventeen S&P 500 stocks hit new 52-week highs, with Royal Caribbean, Cardinal Health, CrowdStrike, Intuit, Seagate, and Ecolab all trading at all-time highs.
US:MSTR:MicroStrategy
Public companies outpaced ETFs in Bitcoin accumulation for the third straight quarter, with 131,000 BTC acquired versus 111,000 by ETFs. MicroStrategy remains the largest corporate holder, benefiting from deep liquidity and institutional interest.
US:OSK:Oshkosh Corp.
Goldman Sachs upgraded Oshkosh Corp. to “Buy” from “Neutral,” raising its price target to $131 (from $124), citing positive sentiment on the machinery sector.
US:CNC:Centene
Centene shares plummeted over 20% in after-hours trading after the health insurer withdrew its full-year outlook, rattling investor confidence.
⚡ Malaysia Inc. Powers Up: Gamuda, Yinson, Genting and Others Lock in Billion-Ringgit Energy and Infra Deals
KL:5398.KL:Gamuda Bhd
KL:5398.KL:Gamuda Bhd has inked a deal with the Downie family to co-develop large-scale renewable energy projects in Central Tasmania, Australia. The portfolio includes 600MW of wind and solar capacity and up to 600MW of battery storage. Project cost and equity stake were undisclosed.
KL:3182.KL:Genting Bhd
KL:3182.KL:Genting Bhd’s 49%-owned unit, SDIC Genting Meizhou Wan Electric Power Company Ltd, has handed over a 786MW coal-fired power plant in Fujian, China, to the local government after a 21.5-year PPA expired. Genting will retain and continue operating its 2,000MW ultra-supercritical plant, commissioned in 2017.
KL:7293.KL:Yinson Holdings Bhd
KL:7293.KL:Yinson Holdings Bhd’s FPSO unit, Yinson Bergenia Production BV, raised US$1.168 billion in senior secured notes—marking the largest and longest-dated FPSO project bond ever. The proceeds will refinance existing FPSO debt, fund reserves, and provide distributions tied to FPSO Maria Quitéria.
KL:5243.KL:Velesto Energy Bhd
KL:5243.KL:Velesto Energy Bhd secured a US$40 million contract via its unit, Velesto Drilling Sdn Bhd, from PTTEP HK Offshore Ltd and PTTEP Sarawak Oil Ltd. The deal includes a 15-well campaign, with an option for eight more, using the Naga 5 jack-up rig beginning June 2025.
KL:03023.KL:Avangaad Bhd
KL:03023.KL:Avangaad Bhd won RM66.8 million in tugboat charter contracts from Northport (Malaysia) Bhd. This includes a two-year extension for three 40-tonne tugboats and a five-year charter for three 50-tonne Bollard Pull Z-Peller tugboats, with an option for a further five years.
KL:5255.KL:Lianson Fleet Group Bhd
KL:5255.KL:Lianson Fleet Group Bhd, formerly Icon Offshore, is selling a vessel for RM32.02 million to Huashun Shipping (Liberia) Inc, a unit of Shenzhen Huawei Offshore Shipping Transport Co Ltd, as part of fleet renewal efforts. The vessel was valued at US$5.70 million in December 2024.
KL:7161.KL:Kerjaya Prospek Group Bhd
KL:7161.KL:Kerjaya Prospek Group Bhd will acquire three freehold land parcels in Kuchai Lama, Kuala Lumpur, for RM112.8 million via Senandung Raya Sdn Bhd, under its unit Futuprop Sdn Bhd. It also formed a joint venture with Aspen Vision Tanjung Sdn Bhd to develop a mixed-use project in Tanjung Bungah, Penang.
KL:5221.KL:Avaland Bhd
KL:8546.KL:Warisan TC Holdings Bhd
KL:4405.KL:Tan Chong Motor Holdings Bhd
KL:5221.KL:Avaland Bhd plans to acquire 2.17 acres in Section 13, Petaling Jaya for RM49 million through Leisure Event Sdn Bhd. The land is owned by Comit Communication Technologies (M) Sdn Bhd, which is 75.5%-owned by KL:8546.KL:Warisan TC Holdings Bhd and 24.5% by KL:4405.KL:Tan Chong Motor Holdings Bhd.
KL:0223.KL:Samaiden Group Bhd
KL:0223.KL:Samaiden Group Bhd has proposed to buy 185.57 hectares of leasehold land in Teluk Intan, Perak, for RM45.5 million, with plans to develop a utility-scale solar farm. Its proximity to a high-voltage substation will ease interconnection and cost.
KL:6521.KL:Suria Capital Holdings Bhd
KL:6521.KL:Suria Capital Holdings Bhd said one of its directors, identified by media as Datuk Dr Yusof Yacob, has been charged under the MACC Act for offering a bribe. The board clarified the charge is unrelated to the company’s operations or finances.
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