Singapore Stocks Poised to Extend Losses as Oil Surge, Tech Selloff Weigh on Asia

Singapore's Straits Times Index is likely to open lower on Friday after shedding 22.85 points, or 0.42%, to close at 5,415.14 on Thursday, hovering just above the 5,400-point support level. The index traded between 5,406.07 and 5,451.22 during the session, with losses led by the food, retail, construction and mining sectors. The negative regional outlook follows a weak Wall Street session, where the NASDAQ plunged 694.00 points, or 2.60%, to 26,008.86 and the S&P 500 fell 93.74 points, or 1.21%, to 7,663.43. The Dow edged up 11.89 points, or 0.02%, to 52,867.98. Tech names including Nvidia (NVDA), CoreWeave (CRWV), Meta Platforms (META) and Tesla (TSLA) declined on liquidity concerns tied to debt-funded AI infrastructure spending. Crude oil prices rose on reports the U.S. and Israel are planning a joint military operation against Iran after the November U.S. midterm elections. December West Texas Intermediate climbed $2.19, or 2.25%, to $99.34 per barrel. Singapore's September consumer price data are due later today; August headline inflation rose 0.6% on month and 2.3% on year, with core CPI up 2.2% annually.