---
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/100000000873490.md"
description: "Iggy's Journal: Banks Dragged the STI Down 0.65 Percent While Wall Street Partied on Nvidia and Salesforce28 August 2026, AMOvernight Read:Wall Street had a genuinely strong session Thursday. Dow up 0.20% to 53,569.44, S&P 500 up 0.72% to 7,730.99, Nasdaq up 1.57% to 26,541.35, the tech-led move driven by Nvidia and Salesforce both blowing past earnings forecasts, Nvidia up 8.74%, Salesforce up 22.58%. VIX eased to 14.51, down from Wednesday's 15.68, so the rally came with falling fear, not despite it. Brent crude edged up to $87.65 a barrel on Gulf Coast refinery demand and lingering Strait of Hormuz risk. USD/SGD sat at 1.2715.None of that carried over to Singapore. The STI closed Thursday down 0.65% at 5,684, dragged by the banks, DBS off 0.59% to S$75.79, OCBC at S$31.29, UOB at S$40.69. Separately, SingStat's 2Q 2026 print showed services industry business receipts up 25.5% year on year and 6.2% quarter on quarter to S$1.58 trillion, a genuinely strong underlying number that got no credit in the index today.My Personal Take:The gap between last night's Wall Street mood and today's STI session is the part I keep coming back to. A 1.6 percent Nasdaq day on the back of AI earnings beats is a US growth story first, and Singapore's banks aren't priced on that story, they're priced on their own yield and capital metrics, which didn't move overnight just because Nvidia had a good quarter. I'd be careful reading today's STI weakness as a signal about local fundamentals when the more boring explanation, a strong global session simply not translating one for one into a bank-heavy index, fits just as well. The SingStat services number deserves more attention than it's getting buried under an index headline.Not financial advice. Iggy's Forensic Compliance Standards apply.Cheers, Iggy 🦖"
datetime: "2026-08-28T00:31:44.000Z"
locales:
  - [en](https://longbridge.com/en/topics/100000000873490.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/100000000873490.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/100000000873490.md)
author: "[TheInvestingIguana](https://longbridge.com/en/profiles/22116548.md)"
generator: "portal-rs"
---

# Iggy's Journal: Banks Dragged the STI Down 0.65 Pe…


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## Comments (1)

- **JeremyT · 2026-08-28T03:09:07.000Z · 👍 1**: july factory output was +6.8, slowest since february and down from 7.5 in june.


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> **Disclaimer: This article is for reference only and does not constitute any investment advice.**