The Straits Times Index (STI) fell 0.3 per cent or 9.55 points to close at 3,227.53 points on Tuesday (Nov 23), as sentiment wavered due to a faster-than-expected rise in Singapore's headline inflation. The consumer price index (CPI) jumped 3.2 per cent year on year in October - crossing the 3 per cent mark for the first time since March 2013. This was higher than the Bloomberg median forecast of a 2.9 per cent increase.
The Nasdaq ended lower for a second straight session on Tuesday, while the S&P 500 rose, as rising Treasury yields prompted investors to sell Tesla and other Big Tech names and buy stocks with lower valuations. The S&P 500 growth index dipped 0.3 per cent and the value index climbed 0.8 per cent. Treasury yields extended gains as investors ramped up expectations of interest rate hikes next year after Jerome Powell was nominated by President Joe Biden as fed chair for a second term. The Dow Jones Industrial Average rose 0.55 per cent to end at 35,813.8 points, while the S&P 500 gained 0.17 per cent to 4,690.7. The Nasdaq Composite dropped 0.5 per cent to 15,775.14.
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