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Investment Updates · Daily Market Pulse

AI stocks sold off; the boring stocks held

Saturday, 31 October 2026 Risk-off

A rough end to October for tech: Alphabet's worst day since listing (-12.6% Thu), Intel -29% Fri, Nasdaq -2.9% and the chip index -7.2%, while health care, energy and staples rose (AIA Health Care fund +4.8% vs Global Tech −5.9% over the month) and two Fed officials called for more rate hikes.

−12.6%Alphabet, worst day since 2004
−29%Intel, worst day since 1970s
−2.9%Nasdaq on Friday
RecordLilly, Chevron, Exxon highs

Markets

Where markets closed

S&P 5007,580.1−2.0% 3 mo
7,6007,7007,800 4 Aug30 Oct
Nasdaq25,437−4.3% 3 mo
26,00027,000 4 Aug30 Oct
Straits Times Index5,376.7−4.2% 3 mo
5,4005,6005,800 4 Aug30 Oct
Gold3,884.9−6.4% 3 mo
4,0004,500 4 Aug30 Oct
WTI crude oil103+35.9% 3 mo
80.00100 4 Aug30 Oct
US 10-year yield4.93%+30 bp 3 mo
4.75%5.00%5.25% 4 Aug30 Oct
MarketLevelDay1 monthYear to date
S&P 5007,580.1−1.8%−1.1%+10.7%
Nasdaq Composite25,437−2.9%−5.3%+9.4%
Straits Times Index5,376.7−0.4%−5.1%+15.7%
Hang Seng Index23,294+1.5%−5.0%−9.1%
US 10-year Treasury yield4.93%−6 bp−31 bp+77 bp
US dollar index102−0.1%−0.1%+3.8%
Gold3,884.9−3.6%−7.5%−10.5%
WTI crude oil103+0.9%+10.8%+79.3%

Closing levels before 7am Singapore time on Saturday, 31 October 2026. Source: Yahoo Finance.

Sectors

Which parts of the market moved

US sectors, gold and Treasuries: one dayClose of 30 Oct · ETF price changeRoseFell

Leadership rotates

When one part fell, another held up

Same Friday, opposite directionsFri 30 Oct 2026RoseFell

Chips (SMH) fell 7.0% while consumer staples (XLP) rose 1.4%, utilities (XLU) 0.7% and health care (XLV) 0.5%. The day's losers and winners sat in the same market.

AIA funds: technology vs health care1 month to 27 Oct 2026 (latest AIA prices)RoseFell

A gap of about 10.7 points in one month, and this is before the 29-30 Oct tech sell-off shows up in fund prices. Yet year to date the order is reversed: Global Technology +22.5% vs Health Care +10.8%. Last year's leader became this month's laggard.

A month of sector rotation1 month to 30 Oct 2026RoseFell

Energy (XLE +11.7%) and consumer staples (XLP +11.3%) also rose while tech (XLK −9.3%) fell. Chips are still +45% this year, so portfolios left alone since January hold far more tech than planned.

This is why a portfolio is reviewed, not just chosen: leadership changes, and regular rebalancing keeps the mix in line with your goals.

Lessons from the market

What today teaches

Leaders rotate: why a portfolio needs calibrating, not just choosing

For most of 2026, technology led: chip stocks were up about 45% for the year and the AIA Global Technology Fund about 22.5%. Then in October the leadership flipped. Over the month to 27 Oct the AIA Global Technology Fund fell 5.9% while the AIA International Health Care Fund rose 4.8%, and in the last week of October Alphabet and Intel had their worst days in decades while health care, energy and consumer staples rose. A portfolio set up in January and left alone would have drifted heavily into tech just before the drop.

The principle

Diversification sets the mix; calibration keeps it. Winners grow into a bigger share of the portfolio than intended, so regular reviews (trimming what ran, topping up what lagged) keep risk where the client chose it.

The numbers
  • AIA Global Technology Fund −5.9% vs AIA International Health Care Fund +4.8%, 1 month to 27 Oct 2026 (FAT)
  • YTD to 27 Oct 2026: AIA Global Technology +22.5%, AIA International Health Care +10.8% (FAT)
  • 1 month to 30 Oct 2026: US tech ETF XLK −9.3%, chips SMH −15.4%; health care XLV +11.2%, energy XLE +11.7%, staples XLP +11.3%
  • 30 Oct 2026: XLK −4.9%, SMH −7.0% vs XLE +1.9%, XLP +1.4%, XLV +0.5%
  • Alphabet −12.6% on 29 Oct 2026; Intel −29% on 30 Oct 2026

Sources: cnbc.com · cnbc.com · cnbc.com · AIA fund prices · finance.yahoo.com

Where you hold it is a risk too

On 30 Oct 2026, crypto exchange Binance was hacked for an estimated US$6.3 billion, the largest crypto theft on record; investigators linked it to a North Korean state hacking group. About US$3 billion has been frozen and Binance pledged to cover losses, but experts say recovering stolen bitcoin and ether can take months or years. Bitcoin itself only dipped below US$78,000. The asset held up; the risk was in the platform.

The principle

Investment risk is not only whether the price falls. Counterparty and custody risk (who holds your asset, and how it is protected) can matter as much.

The numbers
  • Binance hack about US$6.3 billion on 30 Oct 2026, largest crypto theft on record
  • About US$3 billion frozen so far (Binance, 30 Oct 2026)
  • Bitcoin traded below US$78,000 on 30 Oct 2026, about 30% under its 52-week high

Sources: cnbc.com