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Investment Updates · Daily Market Pulse

Blue wave hits tech futures

Wednesday, 4 November 2026 Risk-off

Democrats are projected to win the US House and lead in the Senate race, and US futures fell overnight (S&P 500 −1.2%, Nasdaq-100 −2% late on 3 Nov ET) on fears of tighter AI and data-centre rules. In Asia, the STI fell 1.6% with UOB down 5.3% after a Q3 miss, and Taiwan fell 2.3%. AMD rose 8% after hours on strong results.

−2%Nasdaq-100 futures, election night
−5.3%UOB after Q3 miss
+8%AMD after hours
−15.3%AIA Global Tech, 1 month

Markets

Where markets closed

S&P 5007,568.9−1.8% 3 mo
7,6007,7007,800 6 Aug3 Nov
Nasdaq25,372−3.7% 3 mo
26,00027,000 6 Aug3 Nov
Straits Times Index5,219.7−7.4% 3 mo
5,4005,6005,800 6 Aug4 Nov
Gold3,958.5−7.9% 3 mo
4,0004,500 6 Aug4 Nov
WTI crude oil96.23+24.5% 3 mo
80.0090.00100 6 Aug4 Nov
US 10-year yield4.95%+28 bp 3 mo
4.75%5.00%5.25% 6 Aug3 Nov
MarketLevelDay1 monthYear to date
S&P 5007,568.9+0.4%−2.6%+10.6%
Nasdaq Composite25,372+0.8%−7.7%+9.2%
Straits Times Index5,219.7−1.6%−7.8%+12.3%
Hang Seng Index23,526+0.6%−1.9%−8.2%
US 10-year Treasury yield4.95%+6 bp−36 bp+79 bp
US dollar index101.4−0.3%−0.7%+3.2%
Gold3,958.5−0.3%−4.8%−8.8%
WTI crude oil96.23−0.2%+7.6%+67.6%

Closing levels before 7am Singapore time on Wednesday, 4 November 2026. Source: Yahoo Finance.

Sectors

Which parts of the market moved

US sectors, gold and Treasuries: one dayClose of 3 Nov · ETF price changeRoseFell

Leadership rotates

When one part fell, another held up

AIA funds: technology vs health care1 month to 2 Nov 2026RoseFell

A 26-point gap in one month. For the year, health care (+14.0%) has now edged past technology (+12.9%).

US sectors: chips vs health care1 month to 3 Nov 2026RoseFell

Chips are still up 44.0% this year against health care's 18.9%, so the month's reversal comes after a big lead. Consumer staples (+9.8%) and utilities (+8.6%) also rose over the month.

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

A 26-point swing in one month

In the month to 2 Nov 2026, two AIA funds went opposite ways. The AIA Global Technology Fund fell 15.3% as investors worried about the cost of the AI build-out, while the AIA International Health Care Fund rose 11.2%. Over the year so far, health care has now edged ahead of technology too. Nobody rang a bell when leadership changed: it happened in a few weeks.

The principle

Market leadership rotates, often quickly and without warning. A portfolio set up a few months ago may now lean much more on one area than intended, in either direction.

The numbers
  • AIA Global Technology Fund −15.3% vs AIA International Health Care Fund +11.2%, 1 month to 2 Nov 2026 (FAT)
  • Year to 2 Nov 2026: AIA International Health Care +14.0%, AIA Global Technology +12.9% (FAT)
  • US Semiconductors ETF (SMH) −18.2% vs US Health Care ETF (XLV) +10.0%, 1 month to 3 Nov 2026

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

Building the factory before the orders ship

The biggest tech companies are spending so much on AI that some now pay out more than they bring in. On 3 Nov 2026 Meta began selling US$20–25 billion of bonds after reporting negative free cash flow of US$2.12 billion for the quarter, and S&P changed its outlook on Meta to negative. The same evening, chipmaker AMD, which sells into that build-out, reported revenue up about 45% and its shares rose 8% after hours. Same AI story, very different position: one is paying now for income later, the other is being paid now.

The principle

Within one theme, the companies spending the money and the companies selling the tools can move very differently. Holding a theme across many businesses and stages smooths out who happens to be paying and who is being paid this quarter.

The numbers
  • Meta seeking US$20–25B in bonds, 3 Nov 2026; Q3 2026 free cash flow −US$2.12B; 2026 capex guidance US$135–145B (CNBC)
  • S&P revised Meta's outlook to AA- negative on 30 Oct 2026 (CNBC)
  • AMD Q3 2026 revenue US$13.38B vs US$9.25B a year earlier; shares +8% after hours on 3 Nov 2026 (CNBC)

Sources: cnbc.com · cnbc.com