US Equities Slide Amid Crude Oil Rally; Malaysia Palm Oil Stocks Rise
US equities declined slightly on Monday as crude oil prices surged 5.3% due to tensions in the Strait of Hormuz, weighing on investor sentiment.
The $S&P 500 Index (.SPX.US)$ shed 4.53 points (0.1%) to 7,753.11, while the $Nasdaq Composite Index (.IXIC.US)$ lost 85.26 points (0.3%) to 26,605.36 and the $Dow Jones Industrial Average (.DJI.US)$ eased 60.95 points (0.1%) to 53,975.98.
Optical-networking stocks led the selloff, with $Coherent (COHR.US)$ plummeting 14.2% and $Lumentum (LITE.US)$ declining 8.6%.
In Malaysia, the FTSE Bursa Malaysia KLCI Index (.KLSE.MY) edged down 0.35 points, or 0.02%, to close at 1,735.370 on Monday amid mixed market sentiment.
Malaysia's palm oil inventory rose 3.3% month-on-month in July as production growth outpaced export volumes, signaling a temporary supply surplus in the sector.