Lau Sze Ming: Tech Stocks Still Under Selling Pressure as Chinese Power Stocks Rise Against the Market

The Federal Reserve kept interest rates unchanged, with the market expecting an 80 per cent chance of a rate hike in December this year. Microsoft's quarterly revenue and profit growth both beat expectations, with capital expenditure below expectations, and its share price rose after hours; Alphabet's search business revenue fell short of expectations, and its share price dropped more than 10 per cent after hours. Lacking major positive catalysts, US stock futures were soft during Asian hours.