S&P 500 Hits Records as Trade Deals and Earnings Drive Wall Street Rally
US:DGT:Dow Jones Industrial Average
The Dow Jones Industrial Average climbed 507.85 points, or 1.14%, closing at 45,010.29, just four points shy of a record high.
SGX:S27.SI:S&P 500
The S&P 500 rose 0.78% to 6,358.91, marking its 12th record close of 2025 and third consecutive record this week.
US:QQQ:Nasdaq Composite
The Nasdaq Composite gained 0.61% to 21,020.02, its first close above the 21,000 mark.
US:GOOGL:Alphabet
Alphabet shares gained 3% after Q2 earnings and revenue beat forecasts, reporting $2.31 per share and $96.43 billion in revenue.
US:TSLA:Tesla
Tesla traded volatile, up less than 1%, as Q2 automotive revenue fell to $16.7 billion, its second straight quarterly decline, missing analyst estimates.
US:IBM:International Business Machines
IBM dropped 5% after reporting Q2 software revenue of $7.39 billion, slightly missing the $7.43 billion estimate, despite overall earnings and revenue beating expectations.
US:TMUS:T-Mobile
T-Mobile jumped 4% after posting Q2 earnings of $2.84 per share on $21.13 billion revenue, both topping Wall Street estimates.
US:LVS:Las Vegas Sands
Las Vegas Sands surged nearly 5% after reporting Q2 adjusted earnings of $0.79 per share and $3.18 billion revenue, exceeding forecasts.
US:NOW:ServiceNow
ServiceNow leapt 7% after raising full-year subscription revenue guidance to $12.775 billion–$12.795 billion and beating Q2 earnings estimates.
US:CMG:Chipotle Mexican Grill
Chipotle plunged 9% after cutting its full-year same-store sales outlook to flat and missing Q2 revenue expectations at $3.06 billion vs. $3.11 billion.
US:BRK.A:Berkshire Hathaway
UBS raised Berkshire Hathaway Class A price target to $892,120, forecasting 24.8% upside, citing strength in GEICO and BH Re.
US:BRK.B:Berkshire Hathaway
UBS lifted Berkshire Hathaway Class B price target to $595, projecting 24.4% upside as insurance operations drive earnings growth.
US:VIKT:Viking Therapeutics
Viking Therapeutics fell 6% after posting a Q2 loss of $0.58 per share, missing expectations for a $0.45 loss, with R&D costs exceeding estimates.
US:MOH:Molina Healthcare
Molina Healthcare dropped 3% after Q2 adjusted earnings of $5.48 per share fell short of the $5.79 per share consensus.
US:URI:United Rentals
United Rentals rose 2% after Q2 revenue of $3.94 billion beat $3.89 billion estimates, and the company raised full-year revenue guidance to $15.8 billion–$16.1 billion.
US:C:Citigroup
Citigroup traded near highs last seen since November 2008 before closing the session lower despite the milestone.
US:ULTA:Ulta Beauty
Ulta Beauty hit its highest trading level since April 2024 during Wednesday’s session.
US:DLTR:Dollar Tree
Dollar Tree touched levels not seen since June 2024 as part of a wave of S&P 500 stocks making new highs.
US:RL:Ralph Lauren
Ralph Lauren reached all-time highs dating back to its IPO in June 1997.
US:CCL:Carnival
Carnival traded at levels last seen since June 2021 during Wednesday’s session.
US:EBAY:Ebay
Ebay marked new all-time highs, extending back to its IPO in September 1998.
US:GEV:GE Vernova
GE Vernova hit record highs since its April 2024 spin-off from General Electric.
US:LHX:L3Harris Technologies
L3Harris Technologies traded at its highest level since March 2022.
US:BSX:Boston Scientific
Boston Scientific hit new all-time highs, extending back to its IPO in May 1992.
US:WBD:Warner Bros. Discovery
Warner Bros. Discovery rose to levels not seen since August 2023.
US:OTIS:Otis Worldwide
Otis Worldwide hit a new 52-week low during Wednesday trading.
US:FISV:Fiserv
Fiserv reached a new 52-week low despite overall market gains.
US:DGT:Dow Jones Industrial Average
Amid political pressure, Donald Trump renewed his push for Federal Reserve rate cuts and threatened to replace Jerome Powell. Treasury Secretary Scott Bessent echoed criticism, questioning the Fed’s inaction despite low inflation, raising market concerns over Fed independence.
US:IBM:International Business Machines
IBM beat Wall Street expectations with Q2 revenue of US$16.98 billion and earnings of US$2.80 per share but missed software sales forecasts at US$7.39 billion versus US$7.41 billion expected. Shares slid 5% in after-hours trading as the software slowdown overshadowed mainframe demand boosted by AI.
US:BAC:Bank of America
Bank of America unveiled a new US$40 billion stock buyback programme, replacing its US$25 billion plan. Shares rose about 1% as the new repurchase plan starts August 1, following similar buyback authorisations from JPMorgan Chase and Morgan Stanley.
US:JPM:JPMorgan Chase
JPMorgan Chase approved a US$50 billion share repurchase plan earlier this month, adding to the wave of capital return among major U.S. banks.
US:MS:Morgan Stanley
Morgan Stanley reauthorised a multiyear share buyback programme worth up to US$20 billion as large banks expand returns after passing Federal Reserve stress tests.
US:CVX:Chevron
Chevron cut 575 jobs in Houston following the US$55 billion Hess merger. The layoffs, effective September 26, are part of integration efforts after the year-long delayed takeover.
US:HES:Hess
Hess employees were informed they could request severance as the integration with Chevron proceeds, with IT systems and workforce alignment expected over several months.
US:MAT:Mattel
Mattel cut its 2025 guidance and posted a 6% drop in Q2 net sales to US$1.02 billion, below analyst estimates of US$1.05 billion, driven by weak Barbie sales in North America. Shares fell 3.5% post-market as tariff headwinds and delayed retailer orders hit forecasts.
Asian REITs, Builders, and Global Markets Surge Amid Trade Optimism and Capital Moves
SGX:TS0U.SI:OUE REIT
OUE REIT posted a DPU of 0.98 cents for 1HFY2025, up 5.4% y-o-y. Core DPU rose 11.4% y-o-y, excluding $2.5 million from its OUE Bayfront divestment. Net property income fell 10.6% y-o-y to $131.1 million and revenue dropped 10.1% to $105.3 million due to Lippo Plaza Shanghai’s absence. Singapore offices maintained 95.5% occupancy with 9.1% rental reversion, while hospitality revenue softened after a strong 2024 base.
SGX:E3B.SI:Wee Hur Holdings
Wee Hur unlocked 35 cents per share in value via the $319 million sale of its 5,662-bed PBSA portfolio, equivalent to 60% of its 58-cent share price. The group, with $703 million in BTO contracts and over 25,000 workers’ dormitory beds, plans to expand with its Pioneer Lodge project adding 10,500 beds by 2025, projecting the dormitory business as a key growth driver.
SGX:N2IU.SI:Mapletree Pan Asia Commercial Trust (MPACT)
MPACT sold two Japan office buildings — ABAS Shin-Yokohama and TS Ikebukuro Building — for JPY8.73 billion ($78.7 million), a 1.7% premium over purchase prices. Completion is expected by August 2025, leaving MPACT with 15 commercial properties worth $15.9 billion.
SGX:S63.SI:Singapore Technologies Engineering (ST Engineering)
ST Engineering secured $4.7 billion in new Q2 2025 contracts, including $1.5 billion each in Commercial Aerospace and Defence & Public Security, and $1.7 billion in Urban Solutions & Satcom. Wins include MRO deals with Air Cairo, Mine Countermeasure Unmanned Systems for the Republic of Singapore Navy, and turnkey rail services for Taichung MRT.
SGX:P9D.SI:Civmec
Civmec landed A$600+ million ($505 million) in new contracts, including upgrading Rio Tinto’s Cape Lambert Port A balance machines and SMPE&I work for Fortescue’s Green Iron Project. It was also selected for design development of Perth’s Sporting and Entertainment Precinct, with works expected to conclude by end-2025.
SGX:M1GU.SI:Sabana Industrial REIT
Sabana Industrial REIT declared a DPU of 1.70 cents for 1HFY2025, up 26.9% y-o-y. Net property income rose 23.4% y-o-y to $33.5 million and gross revenue increased 7.6% to $59.3 million. Occupancy reached 85.7%, driven by strong leasing and 12.6% positive rental reversion.
SGX:DCRU.SI:Digital Core REIT
Digital Core REIT maintained a 1.80 US cents DPU for 1HFY2025 as net property income rose 52.2% y-o-y to US$46.3 million and gross revenue surged 84.2% to US$88.9 million. Gains were driven by a 15.1% stake acquisition in a Frankfurt facility. Portfolio occupancy rose to 98.0%.
SGX:O5RU.SI:AIMS APAC REIT (AA REIT)
RHB raised AA REIT’s target price to $1.52 as sponsor AIMS Financial Group boosted its stake to 18.66%. With 28.9% gearing, potential $2 million annual DPU savings from perp refinancing, and ongoing asset enhancements, the REIT is expected to see a 3% DPU CAGR from FY2026–FY2028.
SGX:TS0U.SI:OUE REIT
OUE REIT reported a DPU of S$0.0098 for 1HFY2025, up 5.4% year on year, despite revenue and net property income falling. Core DPU rose 11.4% year on year excluding prior capital distribution, with payment due September 3.
SGX:S08.SI:Singapore Post (SingPost)
Shareholders pressed SingPost’s board at its AGM for clarity on strategy and a CEO search after the divestment of Freight Management Holdings for A$1 billion. Chairman Simon Israel confirmed that the S$1 billion-valued SingPost Centre remains under review as a potential divestment, while a special dividend of S$0.09 per share was approved.
SGX:Z74.SI:Singtel
Shareholders sought views from Singtel, SingPost’s major shareholder, during the AGM, though chairman Simon Israel said Gan Siok Hoon, its deputy group chief corporate officer and SingPost director, was not speaking on behalf of Singtel.
Private:Aravest (SMFL Mirai Partners & Kenedix)
Aravest, backed by Sumitomo Mitsui Finance and Leasing units, is in advanced talks to buy Hotel Miramar Singapore for under S$200 million. The 344-room hotel offers about 100,000 sq ft of unused GFA for potential redevelopment and rebranding.
HK:3115.HK:Hang Seng Index
The Hang Seng China Enterprises Index rose 1.2%, reaching its highest level since November 2021 as Tencent Holdings and Meituan led gains. The rally was supported by easing Sino-U.S. tensions and inflows from mainland investors totaling HK$800 billion this year.
HK:00700.HK:Tencent
Tencent surged nearly 5%, pushing its market value above HK$5 trillion as the Hang Seng Index closed 408 points higher at 25,538, marking its fourth straight gain and highest level in over three years.
HK:00005.HK:HSBC Holdings
HSBC Holdings’ shares touched HK$100, contributing to the Hang Seng’s rally as investors pushed the index up 1.6% to a multi-year high.
HK:3115.HK:Hang Seng Index
The Hang Seng Index gained 408 points, or 1.6%, closing at 25,538 — its highest since 2022, with the Hang Seng China Enterprises Index jumping 165 points to 9,241 on broad strength from tech and financials.
HK:09880.HK:UBTECH Robotics
UBTECH Robotics confirmed rapid expansion of its Walker S2 humanoid robot production lines, featuring its Co-Agent technology — the world’s first AI framework tailored for industrial humanoid robots.
HK:00488.HK:Lai Sun Development
Lai Sun Development is still seeking backing for its HK$3.5 billion loan refinancing, with nearly half of 19 banks yet to commit after six months of negotiations, according to Bloomberg sources.
HK:07262.HK:FL2 CSOP Nikkei ETF
FL2 CSOP Nikkei ETF soared 7.8% to HK$84.22, topping Hong Kong’s ETF leaderboard for the day.
HK:07311.HK:XI2 CSOP Coin ETF
XI2 CSOP Coin ETF gained 5.9%, closing at HK$7.765, continuing strong crypto-linked ETF momentum in Hong Kong markets.
HK:09311.HK:XI2 CSOP Coin-U ETF
XI2 CSOP Coin-U ETF climbed 5.8% to close at US$0.986, extending its rally alongside other digital asset ETFs.
HK:03150.HK:GX JP GL Leader ETF
GX JP Global Leader ETF advanced 5.5% to HK$72.48, ranking among the day’s top ETF performers.
HK:07226.HK:XL2 CSOP HSTECH ETF
XL2 CSOP HSTECH ETF rose 5.2% to HK$5.96, capping the day’s strong ETF performances as tech momentum fueled buying.
HK:00388.HK:HKEX
Hong Kong Exchanges & Clearing hit a new high as tech and financial shares powered market turnover to a notable increase.
HK:01024.HK:Kuaishou Technology
Kuaishou gained over 3%, hitting fresh highs as reports suggested influencer MrBeast’s upcoming livestream debut on its platform.
HK:02628.HK:China Life Insurance
China Life reached a new high during the rally as investors continued rotating into heavyweight financials.
HK:09999.HK:NetEase
NetEase climbed to a fresh high as Chinese tech leaders drove the Hang Seng’s breakout session.
HK:00941.HK:China Mobile
China Mobile announced RMB39.1 billion in R&D spending for 2025, with breakthroughs in 6G technologies driving optimism.
HK:09888.HK:Alibaba
Alibaba was reported to be launching its first homegrown AI glasses this week, expanding its AI-driven product portfolio.
HK:00082.HK:Aravest (via SMFL Mirai Partners & Kenedix)
Aravest, backed by Sumitomo Mitsui Finance and Leasing units, entered advanced talks to acquire Hotel Miramar Singapore for under S$200 million, with plans to tap 100,000 sq ft of unutilized space for redevelopment.
EcoWorld Stake Sale, Major REIT Moves, IHH India Shake-Up, and Key Corporate Updates in Malaysia
KL:5283.KL:Eco World Development Group (ECOWLD)
Tan Sri Liew Kee Sin sold 100 million shares, or a 3.36% stake, in EcoWorld for RM190 million across two days. Most shares were sold via direct deal at RM1.89 each, a 10.7% discount to its previous closing price of RM2.12.
KL:5180.KL:CapitaLand Malaysia Trust (CLMT)
CapitaLand Malaysia Trust raised RM250 million through a private placement of 409.8 million new units at 61 sen each, a 6.9% discount to market price. Funds will reduce borrowings from nine industrial and logistics acquisitions, with the placement oversubscribed.
KL:5110.KL:UOA Real Estate Investment Trust (UOAREIT)
UOA REIT’s 2QFY2025 net rental income grew 8.9% to RM17.96 million, boosted by improved occupancies. It declared a 3.03 sen interim distribution per unit, up from 2.9 sen, citing a gradual recovery in office demand.
KL:5300.KL:AME Real Estate Investment Trust (AMEREIT)
AME REIT posted an 11.5% increase in net property income to RM12.74 million in 1QFY2026, supported by acquisitions and higher rental renewals. A 1.96 sen distribution per unit, up from 1.84 sen last year, will be paid on August 29.
KL:0265.KL:Infomina (INFOM)
Infomina reported a RM3.14 million net loss in 4QFY2025, its first since listing, after a RM10 million doubtful debt provision. Revenue fell 8.7% to RM53.44 million due to weaker hardware deliveries in its technology infrastructure division.
KL:5225.KL:IHH Healthcare (IHH)
IHH is consolidating its Indian operations, with Fortis Healthcare Ltd, 31.17% owned by IHH, set to manage five of six Gleneagles hospitals under a new operations and maintenance agreement.
KL:0272.KL:TT Vision Holdings (TTVHB)
TT Vision signed a 60-year lease with Penang Development Corporation for a 3.6-acre site in Bayan Lepas Industrial Park worth RM25.1 million. The land will host new semiconductor, solar, and battery equipment facilities.
KL:0247.KL:Evergreen Max Cash Capital (EMCC)
Evergreen Max Cash secured RM40 million in funding via Islamic redeemable convertible preference shares issued to DPK Private Equity, offering an 8.5% annual cumulative dividend to fuel Ar-Rahnu Tawarruq expansion.
KL:0277.KL:HI Mobility (HI)
HI Mobility denied media reports of wage cuts for its cross-border Causeway Link bus drivers, asserting full compliance with statutory and contractual obligations.
KL:5213.KL:Sentoria Group (SNTORIA)
Sentoria reached a settlement with former CEO Datuk Loh Yuen Tuck in the Industrial Court, agreeing to pay RM142,800 under a consent award, with both parties releasing all claims.
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