1) KSS expects SET Index to edge lower without positive factors to boost sentiment
Krungsri Securities (KSS) expected the SET Index to continue edging lower to the support level of 1,475-1,480 points as the market lacks positive catalysts, while concerns over a slowdown in the U.S. economy from Fed’s rate hikes to combat inflation. These issues post negative sentiment to foreign fund flows and continue to pressure the Thai stock market. The analyst expected a technical rebound once the market is oversold.
2) Tesla drops 6% over Goldman’s downgrade
The share price of Tesla dropped 6% on Monday after Goldman Sachs became the latest bank in Wall Street to downgrade the American car producer to ‘Neutral’ from ‘Buy’ while raising target price to $248 from $185.
The Wall Street bank cited the difficult pricing environment for electric vehicles, as well as the recent run up in stock prices, for the rating review.
3) Nasdaq falls on Monday as investors sell off tech stocks
The Nasdaq Composite fell on Monday as investors were dumping tech stocks that have outperformed so far this year for the last trading week in the first half of this year.
Nasdaq dropped 1.16% to close at 13,335.78 on Monday. Meanwhile, Dow Jones fell 0.04% to close at 33,714.71 and S&P 500 slipped 0.45% to close at 4,328.82.