To The Moon

Singapore and US Market Analysis 

Singapore stocks fell on Friday (Nov 18), tracking Wall Street declines as Federal Reserve officials remained hawkish on future interest rate hikes. The benchmark Straits Times Index (STI) fell 0.4 per cent or 13.81 points to 3,272.23. In the broader market, losers beat gainers 281 to 260 after 1.2 billion securities worth S$1.2 billion changed hands. Regional markets were mixed on Friday. Japan's Nikkei 225 fell 0.1 per cent, Hong Kong's Hang Seng Index declined 0.3 per cent and South Korea's Kospi rose 0.1 per cent.

Wall Street stocks picked up Friday after a rocky session following positive results from retailers and as markets tried to shake off concerns of further interest rate hikes by the US central bank. The Dow Jones Industrial Average rose 0.6 per cent to close at 33,745.69, while the broad-based S&P 500 edged up 0.5 per cent to 3,965.34. The tech-rich Nasdaq Composite Index was essentially flat, finishing at 11,146.06. Investors have been downbeat after a number of Federal Reserve officials have stressed the message that more rate hikes will be needed to bring down surging inflation, feeding fears of a recession in the world's biggest economy. Boston Fed Bank President Susan Collins was the latest to do so in a speech Friday, although she said the central bank's "intent is not a significant downturn."