Singapore Stock Market May End Losing Streak

(RTTNews) - The Singapore stock market has finished lower in back-to-back sessions, sinking more than 50 points or 0.8 percent along the way. The Straits Times Index now sits just above the 5,680-point plateau although it may stop the bleeding on Friday.

The global forecast for the Asian markets mixed to higher with optimism from technology stocks likely capped by a spike in crude oil prices. The European markets were mixed and the U.S. markets were up and the Asian bourses figure to split the difference.

The STI finished modestly lower on Thursday following losses from the financials and mixed performances from the properties and industrials.

For the day, the index sank 37.47 points or 0.65 percent to finish at 5,684.12 after trading between 5,670.67 and 5,708.35.

The lead from Wall Street is firm as the major averages opened higher on Thursday and remained mostly in the green throughout the trading day, ending near session highs.

The Dow climbed 105.56 points or 0.20 percent to finish at 53,569.44, while the NASDAQ rallied 411.15 points or 1.57 percent to close at 26,541.35 and the S&P 500 gained 55.29 points or 0.72 percent to end at 7,730.99.

The surge by the NASDAQ reflected a positive reaction to earnings news from AI giant Nvidia (NVDA), which reported better than expected second quarter results and provided upbeat revenue guidance for the current quarter.

Dow component Salesforce (CRM) also skyrocketed after the company reported second quarter results that exceeded estimates and forecast better than expected Q3 earnings.

Traders may also have been reluctant to make more significant moves ahead of Federal Reserve Chairman Kevin Warsh's speech at the Jackson Hole economic symposium later today.

Crude oil prices soared on Thursday as the Strait of Hormuz remains closed despite efforts by Pakistan and Qatar to end the U.S.-Iran war. West Texas Intermediate crude for October delivery was up $1.35 or 1.64 percent at $83.58 per barrel.