Trader’s Look at Market – “Wall Street Rebound on Earnings despite China Retaliates” (5 Feb 2025)

Ken Low wrote a column · Feb 5 08:30

Global markets

$Dow Jones Industrial Average (.DJI.US)$ DJ +0.30%, $S&P 500 Index (.SPX.US)$ S&P500 +0.72%, $NASDAQ 100 Index (.NDX.US)$ Nasdaq +1.35%.

US equities rallied overnight and clawed back most of Monday’s drop despite heightened trade war fear. China hit back Trump while the US postponed 25% tariffs on Canada and Mexico by 30 days, but he did not delay 10% tariffs on China, effective Tuesday.

China introduced 15% levy on American coal and liquified and natural gas and 10% tariff on crude oil, automobiles, effective 10 February. Beijing also initiated antitrust probe into Alphabet (GOOG) and added PVH (Calvin Klein brand) to unreliable entity.

Now earnings season. $Palantir (PLTR.US)$ PLTR outperformed market consensus, Q4 actual EPS of USD 0.14 exceeded estimates of USD 0.111. PLTR rallied to 103.83 (+24%).

Bloomberg source: PLTR graph and volume

Trader’s Look at Market – “Wall Street Rebound on Earnings despite China Retaliates” (5 Feb 2025)

$Alphabet-A (GOOGL.US)$ Alphabet (GOOGL) just released financial results. Last quarter, GOOGL reported EPS of USD2.15, slightly higher than estimates of USD 2.13.

Bloomberg source: GOOGL earnings

Malaysia markets

Local Macro

Finally, MYR rebounded after few days of depreciation on easing trade war fears. $USD/MYR (USDMYR.FX)$ USDMYR depreciated from 4.4735 to close at 4.4400.

KLCI Performance

$FTSE Bursa Malaysia KLCI Index (.KLSE.MY)$ KLCI recovered some loss and managed to edge higher at 1,564 (+10.93) with higher volume of MYR 2.05 billion.

Malaysia equity flow (MYR million)

Same story but smaller magnitude of selling pressure yesterday by foreigner, about MYR 19 mil.

Sectoral performance (%)

Most sectors rebounded on improved risk sentiment. Telecommunications (+1.06%) outperformed while only 2 sectors were in small negative, healthcare and energy.

Stocks on focus:

$HM (0060.MY)$ HM captured investors’ attention yesterday and closed at 0.195 (+5.41%) with highest trading volume of 63.46 mil shares. HM or Harvest Miracle Capital Berhad offers computer software, information technology systems, network support services and communication products. As of previous close, it’s P/E was around 8.17.

Bloomberg source: HM graph and volume

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Ken Low

Head of Dealing, Moomoo Malaysia

Experienced trader at bank, covering equity, FX, commodity & derivatives. Specialize in market making & flow trading.

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