Stock Market Today

Wall Street ended down on Monday (Sep 14), weighed down by losses in Nvidia and other chipmakers after top executives in US artificial intelligence companies raised safety concerns and called for a slowdown in the development of AI. Investors were also jittery after the benchmark 10-year Treasury yield briefly surpassed 5 per cent for the first time since 2023 ahead of this week’s Federal Reserve meeting. The US central bank is widely expected to raise interest rates.

Singapore stocks ended higher on Monday (Sep 14) amid a mixed showing by markets in the wider Asian region. Stocks gained 0.4 per cent or 22.09 points to finish at 5,718.02. Across the broader market, losers outnumbered gainers 312 to 235, after 1.1 billion securities valued at S$1.9 billion were transacted.

Yangzijiang Shipbuilding led the gainers, rising 2.6 per cent or S$0.13 to S$5.11. The worst performer was the Singapore Exchange, which closed at S$22.91, down 5.7 per cent or S$1.39. The three local banks were all up at Monday’s close. DBS was up 0.9 per cent or S$0.66 at S$77.66, and OCBC closed 0.8 per cent or S$0.25 higher at S$31.85. UOB advanced by 2.6 per cent or S$1.07 to reach S$42.33.

SG

Grab will grow its autonomous vehicle fleet in Singapore to 50 vehicles over the next six months from 10 currently, as it prepares to broaden operations within Punggol and eventually expand to other parts of the island.

Singapore’s bond market issuance jumped 21.8 per cent year on year to a record US$95 billion in 2025, driven by refinancing needs and regional demand for capital for artificial intelligence, technology and infrastructure. The figure surpassed the previous record of US$77 billion set in 2023,

Crystal Jade has closed its Hong Kong Kitchen outlet in Great World mall, its third outlet closure in 2026, as the restaurant chain reviews its operations and outlet network in Singapore.

US

Oil prices settled about 1 per cent higher on Monday (Sep 14) as worries about energy supplies mounted following new strikes on Saudi Arabian energy infrastructure and attacks on ships in the Middle East. Both crude benchmarks jumped almost 5 per cent, then retreated from session highs after US President Donald Trump said Iran wanted to reach a deal with Washington. Middle East diplomacy appeared to falter heading into Monday (Sep 14) with the postponement of a meeting between Iran and other Gulf powers.

The US dollar rose to a two-week high on Monday (Sep 14) as conflict in the Middle East pushed up oil prices and sent investors towards the safe-haven currency, weighing particularly on the recently buoyant yen. Warnings from frontier company CEOs about the possible dangers of AI weighed on stocks and also boosted the dollar, while rising bets on a Federal Reserve rate hike on Wednesday supported the US currency.

Gold prices eased on Monday (Sep 14) as a surge in oil prices fuelled inflation concerns, boosting expectations that the US Federal Reserve may raise interest rates.

Samsung Electronics and SK Hynix have rejected a proposal from Korea Electric Power Corp that would have seen the two pay in advance for electricity in order to finance the construction of grids to power new technology clusters.

Amazon suspended work with cargo carrier 21 Air, which operated the Sep 6 flight that overran the runway at Miami and killed five people on the ground.

Source: SGX Masnet, Bloomberg, Channel NewsAsia, Reuters, CNBC, WSJ, The Business Times, The Edge Singapore, PSR

Apple Inc. – Exciting new foldable, but outlook remains complicated

Recommendation: REDUCE; TP US$300.00; Last close: US$; Analyst Helena Wang

AAPL hosted its “Surprise and Shine” launch event on 9 September, one of the most significant hardware launches in recent years, headlined by the iPhone Duo, AAPL’s first foldable smartphone. Alongside the Duo, AAPL introduced the iPhone 18 Pro and Pro Max, Apple Watch Series 12 and Ultra 4, and AirPods 5.

• iPhone Duo starts at US$1,999, establishing an entirely new price tier above the Pro Max, while the iPhone 18 Pro and Pro Max received a US$100 price increase, starting at US$1,199 and US$1,299. This should provide further support to iPhone ASPs.
• We expect the new lineup to generate strong initial demand, particularly for the iPhone Duo due to its novelty. However, the sustainability of demand at increasingly premium price points remains to be tested. Meanwhile, AI remains the weaker part of AAPL’s investment story, and execution and adoption will likely determine whether Apple Intelligence becomes a meaningful driver of replacement cycles.
• We maintain our REDUCE recommendation, with an increased DCF target price of US$300 (prev. US$290). We raise our FY27e revenue/PATMI estimates by 1%/2% to reflect higher iPhone ASPs and a stronger product mix following the launch of iPhone Duo and price increases across the Pro lineup. Our WACC of 6.5% and terminal growth of 3.5% remain unchanged. Supply constraints, rising memory costs, and AI regulations weigh on the near term, and so far, no clear evidence of Apple Intelligence meaningfully driving product upgrades.

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