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Iggy’s Journal: STI Closed Near 5,415 Before the S&P 500 and Nasdaq’s Worst Session Since July

Thu 15 Oct 2026 | Morning

The Numbers

The STI opened up 8.64 points at 5,439.14 on Wednesday and closed lower at about 5,415, around 15 points (0.3%) below Tuesday’s 5,430.50 (Trading Economics, rounded).

Wall Street fell after SGX had closed: the Dow ended at 51,621.48 (-0.09%), the S&P 500 at 7,718.94 (-1.11%) and the Nasdaq at 26,692.87 (-1.88%). AP calls it the worst session since July for the S&P 500 and the Nasdaq, and attributes it to a report showing US consumer inflation worsened in September. Today is the first SGX session after it.

Brent settled at US$106.06, up 37 cents or 0.35%, per Dow Jones Market Data via Morningstar. USD/SGD was 1.2844 late on Wednesday, up 0.37% on the session (Google Currency Data).

Business Times headlines that the MAS hold was a surprise, that economists now see a longer pause in policy tightening, and that a Singapore-registered vessel hit by a projectile sank in the Strait of Hormuz while another was damaged.  

My Personal Take

From their 6 October closes to Wednesday’s, the STI is down about 5.0%, from 5,701.54 to about 5,415. Over the same dates the Nasdaq is down 3.3%, the S&P 500 is down 1.3% and the Dow is up 0.2%. The STI’s fall is larger than the fall in any of the three US indexes.

Not financial advice. Iggy’s Forensic Compliance Standards apply.

the CPI increased more than consensus and stock and bonds are currently down. remember what buffet said: when people are fearful, be greedy. I would be buying on the dip

MAS maintaining policy highlights domestic inflation resilience, contrasting Fed hawkishness. A hot US CPI print elevated yield pressures, making stepping back from rate-sensitive S-REITs prudent until rate paths clarify.

Tonight CPI results will be volatile for the market so could consider taking profit if so not want to risk capital. If stocks are down a lot, can ask if the fundamentals of the business or guidance have changed drastically or is just fear sentiment in the market. Very few can catch the absolute bottom of a favour stocks that you do not mind owning for years so DCA slowly and do not all in capital to sleep well at night.

Tonight, CPI, again, big players could play the news of CPI and rate hike or hold. We are just following their direction, up and down, down then up

Federal Reserve officials’ support for another rate hike signals persistent concern about inflation and suggests monetary policy may remain restrictive. Markets pricing in three additional hikes could increase Treasury yields, strengthen the US dollar and pressure equities, particularly high-valuation growth stocks. September CPI, expected at 3.6%, is pivotal: a higher reading may reinforce tightening expectations, while a softer result could ease rate pressure. As the final inflation report before the October 27–28 meeting, CPI may significantly influence market positioning and volatility, although employment data and other economic indicators will also shape the Fed’s decision.

Will CPI bring a pleasant boost to the markets? The markets have been rotating hard from tech to financials and value which indicates they are expecting more economic growth but with an increase in borrowing costs.

I would rather wait for tonight’s CPI results before making any major moves. With several Fed officials signalling that another rate hike may be necessary, inflation remains a key risk for the market. I prefer to keep some cash available instead of chasing prices, especially when volatility could increase quickly.

For S-REITs, I see the recent weakness as a potential opportunity, but I would not rush to buy just because prices have fallen. Higher interest rates mean higher refinancing costs and potentially lower distributions, so I would focus on REITs with strong balance sheets, manageable debt maturities, and sustainable distributions. I would rather accumulate gradually on further weakness than commit too much capital at once.

For Singapore banks, I am still watching their earnings outlook and price action after the recent correction. MAS holding steady provides some stability, but it does not eliminate market risks. My approach remains the same: stay diversified, buy quality at reasonable valuations, and keep enough cash to take advantage of better opportunities. Consistency and patience matter more to me than trying to predict every market move.

In my opinion, i think that the argument is reasonable and argumentative and it will happen and it will become true

MAS holds steady despite inflation risks. For Singaporeans, that means some relief from imported costs as the S$ stays firm, but don’t expect prices to fall. My take: 2027 inflation eases, while growth cools as the AI boom matures.