📈 Wall Street Holds Steady Ahead of Fed Decision as Big-Name Stocks Lead Market Movers
US:S27.SI:S&P 500
US:QQQ:Nasdaq Composite
US:DGT:Dow Jones Industrial Average
US:BTC:Bitcoin
The S&P 500, Nasdaq Composite and Dow Jones Industrial Average posted mixed moves on Thursday as investors braced for next week’s Federal Reserve rate decision.
The S&P 500 rose 0.11%, the Nasdaq added 0.22%, while the Dow dipped 0.07%.
Bitcoin slid 0.5% earlier in the week but rebounded to trade above $90,000, helping restore sentiment among crypto investors.
US:S27.SI:S&P 500
US:DGT:Dow Jones Industrial Average
U.S. job-cut data from Challenger, Gray & Christmas showed layoffs surpassing 1 million for 2024.
Weaker ADP payrolls and signs of a softening labor market heightened expectations for a quarter-point rate cut by the Fed on Dec. 10, with markets pricing in an 87% probability.
US:DGT:Dow Jones Industrial Average
Jobless claims fell to 191,000—its lowest since September 2022—providing investors reassurance that the labor market is cooling, but not collapsing.
US:S27.SI:S&P 500
Friday will bring key U.S. economic releases, including consumer spending, income data, and the Fed’s preferred inflation gauge—the PCE index—along with the University of Michigan’s consumer sentiment survey.
US:CRM:Salesforce
US:FIVE:Five Below
Salesforce surged nearly 4% after issuing a stronger-than-expected revenue forecast, while Five Below gained more than 3% after beating Wall Street earnings expectations.
US:MSFT:Microsoft
US:NVDA:Nvidia
US:AVGO:Broadcom
AI-linked stocks wavered as tech underperformed. Losses in Microsoft, Nvidia and Broadcom dragged tech lower despite the broader market’s positive tone.
US:META:Meta Platforms
Meta rallied nearly 4% following a layoff report, prompting Hightower Advisors’ Stephanie Link to say she has been adding to her position and sees more upside ahead.
US:RUT:Russell 2000
Small caps outperformed again as the Russell 2000 rose 1.1%, extending its weekly gain to 1.5% and beating the major U.S. indices.
US:WDC:Western Digital
US:STX:Seagate Technology
US:MU:Micron Technology
US:PLTR:Palantir
US:LRCX:Lam Research
US:APP:AppLovin
US:INTC:Intel
US:JBL:Jabil
US:APH:Amphenol
US:NVDA:Nvidia
US:MSFT:Microsoft
AI-focused “builders” dominated 2024 as top S&P 500 tech performers.
Western Digital and Seagate Technology led with gains above 255% and 206%.
Other leaders included Micron, Palantir, Lam Research, AppLovin, Intel, Jabil and Amphenol, outperforming even high-flyers Nvidia and Microsoft.
US:S27.SI:S&P 500
US:QQQ:Nasdaq Composite
US:DGT:Dow Jones Industrial Average
US:META:Meta Platforms
US:NVDA:Nvidia
U.S. stock futures were little changed Thursday night as traders awaited inflation data.
The Nasdaq logged its eighth gain in nine sessions, helped by strong moves in Meta and Nvidia.
Investors expect the Fed to cut rates next week, as mixed economic signals continue to shape inflation expectations for 2026.
US:ULTA:Ulta Beauty
Ulta Beauty surged nearly 6% after beating fiscal Q3 expectations and raising full-year revenue guidance to $12.3 billion.
US:HPE:Hewlett Packard Enterprise
Hewlett Packard Enterprise fell about 8% after missing Q4 revenue estimates, though earnings topped forecasts.
US:SOFI:SoFi Technologies
SoFi Technologies dropped more than 5% after launching a $1.5 billion public share offering.
US:RBRK:Rubrik
Rubrik jumped over 15% after reporting a top- and bottom-line beat for the fiscal third quarter.
US:DOCU:DocuSign
DocuSign slipped nearly 3% despite raising full-year guidance after reporting Q3 results that beat expectations.
US:SERV:ServiceTitan
ServiceTitan gained 5% in extended trading after beating Q3 revenue estimates and issuing strong Q4 guidance.
US:S:SentinelOne
SentinelOne slid nearly 8% after issuing Q4 revenue guidance slightly below expectations, though Q3 results were above consensus.
Oil prices settled up on Thursday (Dec 4) on investors’ expectations for the Federal Reserve to cut interest rates, while stalled Ukraine peace talks tempered expectations of a deal restoring Russian oil flows.
Brent crude settled up 59 US cents, or 0.94 per cent, to US$63.26. US West Texas Intermediate settled up 72 US cents, or 1.22 per cent, to US$59.67.
US crude futures briefly rose more than US$1 a barrel earlier in the session as global shares rose, powered by expectations that a US rate cut will support the world’s largest economy and oil demand, after data showed employment is slowing.
Singapore homeowners will get a one-off property tax rebate in 2026 to cushion recent property tax hikes, in the third straight year that the government has offered such a rebate.
Owner-occupiers of Housing & Development Board (HDB) flats will receive a tax rebate of 15 per cent, and those of private residential properties, 10 per cent, with the rebate capped at S$500.
The tax relief will ease the impact of property tax increases amid a “moderating residential rental market with modest increases in market rents”, said the Ministry of Finance (MOF) and Inland Revenue Authority of Singapore (Iras) in a press release on Friday (Nov 28).
🇯🇵 BOJ Rate-Hike Odds Surge as Japan Signals No Objections; STI Reserve List Sees Major Changes
Key ministers in Prime Minister Sanae Takaichi’s administration signaled they would not stand in the way of a potential December interest rate hike by the Bank of Japan, according to sources, increasing the likelihood of a move.
While some senior officials oppose the timing, speculation has intensified that the BOJ may raise its benchmark rate to 0.75% at the Dec 19 policy meeting. Governor Kazuo Ueda’s remarks in Nagoya—indicating the bank will “consider” a hike—were widely viewed as a strong signal.
Japan’s yen strengthened to 154.77 per dollar after the remarks.
Finance Minister Satsuki Katayama also avoided expressing objections, saying the BOJ would act appropriately to achieve its 2% inflation target.
Following the report, overnight-indexed swaps priced in an 87% chance of a December move, sharply higher from last week’s 58%.
SGX:HMN.SI:CapitaLand Ascott Trust
SGX:OV8.SI:Sheng Siong Group
SGX:AJBU.SI:Keppel REIT
SGX:CJLU.SI:NetLink NBN Trust
SGX:T82U.SI:Suntec REIT
SGX:VC2.SI:Olam Group
SGX:YF8.SI:Yangzijiang Financial Holding
CapitaLand Ascott Trust and Sheng Siong Group were added to the Straits Times Index (STI) reserve list, replacing Olam Group and Yangzijiang Financial Holding after the December quarterly review.
STI constituents remain unchanged.
The current reserve list now consists of CapitaLand Ascott Trust, Keppel REIT, NetLink NBN Trust, Sheng Siong Group and Suntec REIT.
All changes take effect on Dec 22, with the next review scheduled for March 2026.
Tuan Sing secures permit to redevelop flagship Melbourne property with Grand Hyatt hotel asset
Sunpower Group to buy stakes in two China thermal energy projects.
It will take 15% equity interest in Xinneng Thermal Power, and the remaining interest in Changshu Thermal Power that it does not own
📰 China’s AI Chip Race Heats Up as CAMBRICON Ramps Up Production; Copper Prices Jump on Tight Supply; JPMorgan Turns Bullish on Select Miners
CAMBRICON (688256.SH) plans to more than triple AI chip output by 2026, aiming to deliver 500,000 AI accelerators, including up to 300,000 high-end Siyuan 590 and 690 models, according to Bloomberg.
The Chinese AI chipmaker is targeting market share from Huawei and expects to fill the gap left by Nvidia (NVDA.US) after its exit from the Mainland market.
CAMBRICON will rely heavily on SMIC’s (00981.HK) “N+2” 7nm process to support the surge in production.
Separately, Beijing’s Consumer Association and eight major platforms — JD (09618.HK), Meituan (03690.HK), Pinduoduo (PDD.US), Vipshop (VIPS.US), Douyin, Kuaishou (01024.HK), Xiaohongshu, and WeChat Live — jointly signed China’s first industry commitment on responsible AI application, covering areas such as technology identification, content review, and accountability standards.
Meanwhile, copper prices climbed above USD 11,000 per ton amid supply disruptions and tightening expectations, according to JPMorgan. The bank expects copper and related equities to continue outperforming next year due to strong demand and reduced smelting capacity in China.
JPMorgan reiterated Overweight ratings on Zijin Mining (02899.HK) and CMOC (03993.HK), lifting CMOC’s target price to HKD 22 and naming Zijin its top pick for its diversified copper, gold, and cobalt portfolio.
However, it kept an Underweight call on Jiangxi Copper (00358.HK) despite raising its target price to HKD 28, citing weak treatment and refining charges and slower profit growth.
💼 Malaysia Corporate Deals Surge: Acquisitions, Disposals, Contracts & Leadership Moves Drive Headlines
KL:DRBHCOM:DRB-Hicom Bhd
DRB-Hicom Bhd has raised its purchase price for Spirit AeroSystems Malaysia to US$110.62 million, following an amendment to its SPA involving subsidiary Composites Technology Research Malaysia. The deal refines terms for acquiring the aerospace manufacturer’s Malaysian business.
KL:APB:APB Resources Bhd
APB Resources’ unit Amalgamated Metal Corporation has filed an arbitration claim against BASF PETRONAS Chemicals, seeking €1.85 million in alleged unpaid contract sums and another €439,482 for additional works under a 2017 steam boiler and turbine package project.
KL:PHARMA:Pharmaniaga Bhd
Pharmaniaga Bhd is acquiring an industrial facility in Kota Kinabalu for RM26 million to expand logistics and distribution capacity. The asset comprises a factory and two-storey office on a two-acre leasehold plot within Kota Kinabalu Industrial Park.
KL:ALAQAR:Al-Aqar REIT
Al-Aqar Healthcare REIT will record a disposal loss after agreeing to sell its Bukit Mertajam property—home to KPJ Healthcare College—for RM12 million, below market value and original cost. The disposal to Icon Square Sdn Bhd includes the six-storey building and fixtures.
KL:PGLOBE:Paragon Globe Bhd
Paragon Globe’s unit PGB Landmark plans to divest 5.45 hectares of freehold land in Tanjung Kupang, Johor, for RM64.47 million to GSP Automotive Malaysia. Proceeds will be channelled toward expenses, loan repayments and working capital.
KL:HAILY:Haily Group Bhd
Haily Group Bhd has secured a RM42.85 million contract to construct 187 terraced homes and a substation in Kulai, Johor. The project, awarded via Haily Construction, will be developed in Bandar Putra on behalf of DC Architects and Nice Frontier.
KL:VS:VS Industry Bhd
VS Industry returned to profitability in 1QFY2026 with RM30.63 million in net profit, reversing a previous quarter loss. Although revenue dipped slightly year-on-year to RM1.078 billion, the group cited stronger seasonality and new models entering mass production.
KL:JSB:Jentayu Sustainables Bhd
Major shareholders of Jentayu Sustainables rejected the proposed acquisition of Jentayu Solar Sdn Bhd, owned by the managing director’s investment vehicle. At the EGM, 60.39% of shareholders voted against the resolutions, blocking the corporate exercise.
KL:DESTINI:Destini Bhd
Destini Bhd has appointed former MRT Corp CEO Datuk Seri Dr Shahril Mokhtar as executive director, while adding two independent directors—Datuk Syed Haizam Hishamuddin Putra Jamalullail and Datuk Wilfred Yong Chen Leong—to strengthen its board.
KL:MULPHA:Mulpha International Bhd
Mulpha International Bhd announced the retirement of CEO Gregory David Shaw after nearly a decade at the helm. The company has begun its search for a successor to lead its property and hospitality operations.
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