Palm | Kelapa Sawit

DJI-NEW YORK, Aug 2 (Reuters) - The S&P 500 turned negative for the year on Tuesday as the wrangling over the U.S. debt ceiling faded and investors turned their attention to the stalling economy.

The broad-based index fell for a seventh day and crashed through its key 200-day moving average in an ominous sign for markets. The seven days of losses mark the longest losing streak since October 2008.

The Dow Jones industrial average .DJI dropped 265.87 points, or 2.19 percent, to 11,866.62. The Standard & Poor's 500 Index .SPX dropped 32.89 points, or 2.56 percent, to 1,254.05. The Nasdaq Composite Index .IXIC dropped 75.37 points, or 2.75 percent, to 2,669.24.

NYMEX-NEW YORK, Aug 2 (Reuters) - U.S. crude futures pared losses in post-settlement trading on Tuesday after industry data showed a large drawdown in crude stockpiles last week, against forecasts of a build.

Front-month September crude CLU1 had settled more than 1 percent lower to post a five-week low after data showed U.S. consumer spending dropped in June, feeding jitters about energy demand.

On the New York Mercantile Exchange, crude for September delivery settled at $93.79 a barrel, down $1.10, or 1.16 percent, the lowest since June 28's close at $92.89 CLc1. It traded between $93.17 and $95.68.

CBOT-SOYBEANS-Soybean futures on the Chicago Board of Trade closed sharply higher on spillover support from limit gains in corn as hot weather in the U.S. threatened the crop, leading to forecasts for low corn yields.

The top U.S. corn and soybean state of Iowa had its hottest July in 56 years, raising worries that crop yields could be hurt, especially corn that pollinated last month, the state climatologist said

FCPO-JAKARTA, Aug 2 (Reuters) - Malaysian palm oil futures ended slightly lower on Tuesday, as worries about the global economy and lower crude prices were offset by expectations of lower production and improving demand in the near-term.

The benchmark October contract KPOc3 on the Bursa Malaysia Derivatives Exchange closed 0.3 percent down at 3,113 ringgit ($1,059) per tonne after going as high as 3,130.

Traded volumes for the contract were 11,213 lots of 25 tonnes each, compared with 11,313 lots on Monday.

REGIONAL EQUITIES-BANGKOK, Aug 2 (Reuters) - Southeast Asian stock markets fell on Tuesday as jitters about the U.S. credit rating outlook limited appetite for risk and weak earnings hurt some shares, although foreign investors continued to buy in Indonesia and the Philippines.

Volume was moderate to light as sluggish U.S. manufacturing data worried markets already nervous about a possible downgrade of the AAA credit rating of the United States, even though a U.S. debt deal is likely to be passed by the Senate later.

Despite the falls, many markets in the region held close to peaks set on Monday after news from the United States of the last-minute deal to escape default.

Stocks in Singapore .FTSTI dropped 1.2 percent as Chinese shipbuilder COSCO Corp COSC.SI plunged 14.2 percent after it reported weak second-quarter earnings and warned about its outlook.

Other markets posted more limited losses, and even Singapore was still not far from four-month highs. Thai stocks .SETI were just below 15-year highs while Indonesia .JKSE and the Philippines .PSI were just shy of all-time highs.