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Investment Updates · Daily Market Pulse

Blue wave lifts stocks, sinks oil

Thursday, 5 November 2026 Risk-on

Democrats swept Congress and Wall Street rallied: the S&P 500 rose 1.6% and the VIX fell 20%, while oil dropped about 8% on hopes of an Iran deal. Cloud giants jumped (Microsoft +6.7%, Amazon +6.1%), but chip and data-centre stocks fell after voters rejected data centres in 40 of 41 local ballots.

+1.6%S&P 500 after midterms
−8.4%US crude, Iran-deal hopes
−20%VIX fear gauge
−2.8%Chip ETF, data-centre fears

Markets

Where markets closed

S&P 5007,688.6−0.9% 3 mo
7,6007,7007,800 7 Aug4 Nov
Nasdaq25,737−3.6% 3 mo
26,00027,000 7 Aug4 Nov
Straits Times Index5,268.6−7.5% 3 mo
5,4005,6005,800 7 Aug4 Nov
Gold4,072.2−7.4% 3 mo
4,0004,500 7 Aug4 Nov
WTI crude oil88.04+12.6% 3 mo
80.0090.00100 7 Aug4 Nov
US 10-year yield4.89%+23 bp 3 mo
4.75%5.00%5.25% 7 Aug4 Nov
MarketLevelDay1 monthYear to date
S&P 5007,688.6+1.6%−1.7%+12.3%
Nasdaq Composite25,737+1.4%−6.8%+10.7%
Straits Times Index5,268.6−0.0%−7.6%+13.4%
Hang Seng Index23,920+1.7%−0.5%−6.7%
US 10-year Treasury yield4.89%−6 bp−37 bp+73 bp
US dollar index101.5−0.4%−0.3%+3.3%
Gold4,072.2+3.3%−2.7%−6.2%
WTI crude oil88.04−8.4%−1.6%+53.3%

Closing levels before 7am Singapore time on Thursday, 5 November 2026. Source: Yahoo Finance.

Sectors

Which parts of the market moved

US sectors, gold and Treasuries: one dayClose of 4 Nov · ETF price changeRoseFell

Leadership rotates

When one part fell, another held up

US sectors: energy vs consumer stocksWed 4 Nov 2026RoseFell

Energy is still the year's leader (+42.1%) against consumer stocks' +2.5%, but as oil fell 8% the money moved to the sectors that gain from cheaper fuel. Financials (+3.5%) and health care (+3.1%) also rose.

AIA funds: technology vs health care1 month to 3 Nov 2026RoseFell

A gap of about 24 points in a month. After technology's 1.7% bounce on 3 Nov, the two are close again for the year: Global Technology +14.8%, Health Care +13.5%.

AIA funds: emerging markets vs India1 month to 3 Nov 2026RoseFell

For the year it's the other way round: Emerging Markets is +12.2% and India −11.5%. The month's laggard was the year's leader.

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

The year's laggard led the month

AIA India Equity Fund has been the weakest of the AIA funds this year, down 11.5% to 3 Nov 2026. Yet in the month to 3 Nov it rose 6.2%. Over the same month the AIA Emerging Markets Equity Fund, up 12.2% for the year, fell 11.7%, and the AIA Global Technology Fund fell 13.9%. The AIA International Health Care Fund rose 10.6%. The same thing showed up in US shares on 4 Nov: energy, the year's big winner (+42% for the year), fell 4.7% in a day while consumer stocks rose 4.3%.

The principle

Leadership rotates, sometimes within weeks. Neither the year's winners nor its laggards keep their places for long, so a portfolio set up once and left alone drifts away from its plan.

The numbers
  • AIA India Equity Fund −11.5% year to date, +6.2% in the month to 3 Nov 2026
  • AIA Emerging Markets Equity Fund +12.2% year to date, −11.7% in the month to 3 Nov 2026
  • AIA Global Technology Fund −13.9%, AIA International Health Care Fund +10.6% in the month to 3 Nov 2026
  • US energy stocks (XLE) −4.7% and US consumer discretionary (XLY) +4.3% on 4 Nov 2026; XLE +42.1% year to date

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