Why tech stocks are falling today

- A + A KUALA LUMPUR (May 18): RHB Retail Research said PMB Technology Bhd is preparing for an uptrend reversal as it bounced off strongly from the recent bottom to close positively last Friday – while aiming for the immediate resistance of RM3.44. In a trading stocks note today, the research house said if the positive momentum resumes and breaches above the resistance level, an uptrend momentum could be established to boost the stock further towards RM3.60, followed by the RM3.75 resistance. “Conversely, the downtrend below the 21-day average line may be resumed if it falls below the RM3.13 support – negating the recent bullish candlestick pattern,” it said. … [Read more...] about PMB Tech preparing for an uptrend reversal, says RHB Retail Research

Major Moves The majority of the stocks in the S&P 500 lost ground today as traders attempted to quantify and make adjustments for the uncertain risk they face with the Trump administration's tariff deadline looming at 12:01 a.m. Friday morning. The risk is uncertain because nobody knows if the Trump administration is going to go through with tariff increase. The U.S. Trade Representative's (USTR) office filed paperwork on Wednesday to raise tariffs on $200 billion of Chinese goods from 10% to 25%, but that doesn't mean the administration has to pull the trigger. However, the S&P 500 component that lost the most ground today didn't drop because of uncertain tariff risks. It fell because it faces easily quantifiable risks – 38 billion of them to be precise. Until today, Occidental Petroleum Corporation ( OXY ) had been in a bidding war with Chevron Corporation ( CVX ) for Anadarko Petroleum Corporation ( APC ). Chevron originally bid $33 billion for Anadarko, … [Read more...] about Occidental Petroleum Stock Plunges, but S&P 500 Rallies Into Close

Share to Twitter Share to Linkedin Key News Asian equities were largely higher following the US market’s rip higher on Friday though China was off and several markets were closed for Vesak Day, one of the most sacred days for Buddhists. China’s April economic release was an expected dud due to Shanghai’s lockdown. Retail sales were driven lower by fall in -22.7% fall in restaurant sales though online retail sales have rebounded year-to-date as of the end of April. Hong Kong internet stocks had a mixed night in response as Meituan fell -2.45%, Tencent fell -1.24, Alibaba HK gained +2.92%, Kuaishou gained +0.81%, and JD.com HK gained +0.2%. JP Morgan’s analyst team upgraded many Chinese internet stocks following their March 15 th “uninvestable” downgrade that marked the low. Tencent had a small net outflow from Mainland investors via Southbound Stock Connect while Meituan had another small net buy. Earnings season for China internet names kicks … [Read more...] about No Surprise In April Data As Lockdowns Weigh On Economic Activity

The bottom fell out from one of crypto’s fastest growing blockchains, LUNA, which promised to succeed where bitcoin failed. Its predictable collapse reverberated across the entire crypto market and is forcing investors to pick up the pieces. C rypto’s history has been defined by five resets. The first came in 2014 when what was basically the only bitcoin exchange in the world, Mt. Gox, imploded following a nearly half-billion-dollar hack. The second, in 2016, was The DAO hack, when an attacker tricked a smart contract into giving away $60 million worth of ethereum, worth $8 billion today. The third, in January 2018, occurred when the ICO bubble popped, starting a year-long decline wiping out 60% of the crypto market or more than $700 million mostly in the form of worthless junk tokens. The fourth took place in March 2020 when crypto lost 40% of its value along with most other global financial markets. Each reset not only led to price-market capitalization increases, they … [Read more...] about Crypto’s Great Reset: How Digital Asset Investors Will Recover From The Market’s $1 Trillion Meltdown