𝐌𝐚𝐫𝐤𝐞t 𝐔𝐩𝐝𝐚𝐭𝐞 *5/11/26*
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STI: 5268 (-1) | HSI: 23919 (+393) | Dow: 53,356 (+1,569) | S&P: 7,689 (+120) | Nasdaq: 25,737 (+365)
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*US Markets Overnight*
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*Wall Street Cheers, But Not Everyone’s Invited!*
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I think last night pan out the way I had described in my CNA938 radio interview yesterday late afternoon. You can listen to the podcast here: https://lnkd.in/p/gHFdus46
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And what a difference a day makes! 😅
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After all the uncertainty surrounding the US midterm elections, Wall Street staged a strong comeback. And the biggest winner wasn’t even the Nasdaq! The Dow surged 1,569 points, or 3%, its biggest gain since April 2025. The S&P 500 rose 1.6%, while Nasdaq gained 1.4%.
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With Democrats winning control of both the House and Senate, investors are hoping for greater checks on Trump’s policies, particularly tariffs and the Iran war. Markets also tend to like political gridlock. When neither side can easily push through major policy changes, there’s potentially less uncertainty for businesses.
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Microsoft jumped nearly 7%, Amazon gained 6% and Apple rose 5%. Yet Nvidia fell 3%, Broadcom lost 2%, while Micron and Sandisk plunged more than 7%.
Same technology sector, very different reactions! Investors are concerned that tighter scrutiny of AI investments and data centre developments could slow the pace of infrastructure spending. And that could hurt companies supplying the chips and equipment, even if the long-term AI story remains intact.
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CoreWeave plunged 10%, while Tesla and SpaceX fell 3% and 5% respectively, as investors considered the possibility of greater regulatory scrutiny.
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Defence stocks weren’t spared either. Lockheed Martin dropped 7% and Northrop Grumman lost 4.5%. Meanwhile, 3M surged over 9%, McDonald’s gained 6% and Amgen rose 4%, with the latter two benefiting from better-than-expected results. Quite a rotation going on!
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But i think the biggest relief came from oil. WTI crude plunged nearly 8% to around US$88.55, as investors hoped the election results could improve prospects for ending the Iran war. That’s encouraging for inflation, especially after months of expensive oil. The 10-year Treasury yield also eased to 4.89%, while gold rose over 3%.
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And the corporate earnings story continued after the closing bell. *AppLovin* surged around 20% after hours, after reporting strong earnings and raising its revenue outlook. Its AI-powered advertising business continues to grow strongly. *Coherent* gained around 5% after hours, helped by strong demand for optical networking components used in AI data centres.
So there’s still money flowing into parts of the AI ecosystem!
But *Qualcomm* fell around 7% after hours, despite beating revenue expectations, as its outlook disappointed investors. Zillow also plunged around 16% following weaker results and guidance.
Quite a mixed bag!
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The election uncertainty may be fading, but the market still has plenty of questions to answer. For now, Wall Street is celebrating. Let’s see whether the enthusiasm lasts! 😅
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*What’s Brewing Today*
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DBS, A Profit Dip, But Still Resilient?
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*DBS ( $DBS(D05.SI))* reported a 5% decline in 3Q net profit to S$2.81 billion, slightly below market expectations. The main drag was a sharp 65% drop in trading income, while net interest margin narrowed to 1.87%. But it’s not all bad! Net interest income actually grew 4%, fee income rose 6%, supported by wealth management, and asset quality remained healthy. Shareholders will also receive a total quarterly dividend of 81 cents. Overall, a mixed set of results, but the underlying banking business appears reasonably resilient. With DBS guiding for mid-single-digit income growth in 2027, perhaps there’s still room for cautious optimism. The question now is whether investors will look beyond the earnings miss!
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Look out for *Centurion Accommodation REIT ( $Cent Accom REIT(8C8U.SI))* as well as it released a good set of earnings / business updates last night.
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*Happening Today*
SG Earnings:
— DBS^, UOI, AVEPoint
SG XD:
— First Reit: SGD 0.0046
— Grand Banks: SGD 0.01
— Lum Chang: SGD 0.03
— Micro-Mechanics: SGD 0.032
EU:
— German Factory Orders (MoM) / Eurozone PPI (MoM) / Eurozone PPI (YoY) / BoE Interest Rate Decision
US:
— Initial Jobless Claims
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*SG Stock News*
🤔— *DBS* 3Q26 net profit fell 5% YoY to S$2.81b, missing expectations as trading income plunged 65%, although net interest income rose 4%; declared an unchanged quarterly dividend of 81 cents, including 15 cents in capital returns.
https://links.sgx.com/FileOpen/3Q26_trading_update.ashx?App=Announcement&FileID=910439
👍— *Centurion Accommodation REIT* 9M26 net property income reached S$117.7m, 4.8% above forecast, while revenue of S$164.4m beat projections by 5.7%, driven by higher dormitory rents and additional bed capacity.
— *Food Empire* climbed 43 places to rank 421st in the 2026 Fortune Southeast Asia 500, marking its second consecutive appearance, reflecting continued revenue growth and international expansion.
— *Starhill Global REIT* issued an update on its David Jones Building in Perth, where anchor tenant David Jones accounted for 86% of the property's gross rental income as at June 2026.
‼️— *Vividthree Holdings*. is expected to report a significant decrease in revenue and a higher net loss attributable to shareholders for 1H FY2027 compared with the corresponding period ended 30 September 2025, mainly attributable to lower revenue from the Group’s existing businesses while certain fixed operating costs continued to be incurred, together with setup costs for the Group’s consumer and out-of-home entertainment business.
https://links.sgx.com/FileOpen/VV3_Profit%20Guidance.ashx?App=Announcement&FileID=910367
— *Thakral Corporation* secured a 30-year land lease with Manipal Hospitals for approximately 3.5 acres in Gurugram, India, to develop a new multi-speciality hospital with an initial capacity of up to 500 beds.
— *Asiatic Group* proposed acquiring Malaysian iCAUR electric vehicle dealership Karrus Mobility for S$2m, alongside a S$2.25m share placement to support its diversification into the automotive business.
— *Metasurface Technologies* made its SGX Catalist debut at S$0.54 per share following a $9.72m placement, becoming dual-listed in Singapore and Hong Kong.
— *SDAI* announced a scientific board to support its expansion into longevity and biological-age-management solutions, strengthening the scientific foundation of its biotechnology business.
— *Sapphire Corporation* entered into a covered guarantee of up to RMB99.64m to support its associate Ranken Railway's participation in an AIIB-funded water and wastewater infrastructure project in Lahore, Pakistan.
— *Manulife US REIT* 3Q26 distributable income rose 30.3% YoY to US$6m, despite revenue falling 8.9%, while occupancy declined to 67.8% and gearing remained elevated at 54%; distributions remain suspended.
— *Capital World* entered into a sale and purchase agreement for the proposed disposal of development rights and beneficial ownership of five towers at its Capital City project in Johor Bahru, comprising serviced suites, hotel and serviced apartments.
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*Earnings calendar:*
5/11 - DBS^, UOI, AVEPoint
6/11 - OCBC^, Singpost^, FLCT^
11/11 - Valuetronic^, SATS, SIA, NTTDC, Prime US REIT, World Precision
12/11 - Sasseur REIT^, Asian Pay TV, GoldenAgri, SERT, EC World, CSE Global
13/11 - Singtel^, UHREIT^, Daiwa^, Frasers Property, KSH
19/11 - Seatrium^
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Rgds, Dan
https://www.phillip.com.sg/talktophillip/danccs/
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