Wall Street drops with tech-related shares, investors assess rate outlook

Tengku Zafrul says will facilitate PM’s meeting with Microsoft CEO in mission to make Malaysia Asean’s digital hub

Shares of Adobe dropped 13.7 per cent, a day after it forecast second-quarter revenue below analysts’ estimates, citing competition and weak demand for its artificial intelligence-integrated photography, illustration and video. “It’s been a back-and-forth market as people reposition and consider whether some of the real winners have just gone a little bit too far, so you’re seeing them trade off.”The Dow Jones Industrial Average fell 190.89 points, or 0.49 per cent, to 38,714.77. The S&P 500 lost 33.39 points, or 0.65 per cent, at 5,117.09 and the Nasdaq Composite dropped 155.36 points, or 0.96 per cent, to 15,973.17.

The week started with investors’ options positions leaning toward call contracts — typically bought to express a bullish bias, said Brent Kochuba, founder of analytic service SpotGamma. However, the S&P 500’s failure to rise quickly eroded the value of upside call options, putting further downward pressure on the market, he noted.

Also, the University of Michigan’s preliminary reading on the overall index of consumer sentiment came in at 76.5 this month, versus an estimated reading of 76.9.

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