The stock market experienced a downturn after data revealed weakening services in the US economy, amidst rising price pressures and sticky inflation. Short-term Treasury bonds underperformed, while oil prices dropped as Russia considers an air-truce with Ukraine.
A rally that brought the S&P 500 close to all-time highs lost momentum. The chipmaker index slid more than 1%, while Advanced Micro Devices (AMD) surprised investors with a stronger-than-expected sales forecast. However, AMD’s access to China remains uncertain. In contrast, Super Micro Computer Inc. fell after its results missed expectations.
Source: https://www.bloomberg.com/news/articles/2025-08-04/asian-stocks-poised-to-track-wall-street-rally-markets-wrap