The stock market has experienced a significant turnaround, securing its best week of the year by reversing the early August sell-off. This reversal is attributed to signals indicating a strong US consumer and labor market. The S&P 500, Nasdaq Composite, and Dow Jones Industrial Average all rose by about 1%, with the Nasdaq Composite experiencing a 1.2% increase. The Nasdaq 100 has fully recovered its losses from early August, with Charles Schwab’s senior investment strategist, Kevin Gordon, noting that it is now flat for the month of August.

Despite the positive market trends, the housing market continues to face challenges. The National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) fell to 39 in August, down two points from July’s revised figure of 41. This decline is attributed to high interest rates and record home prices, which have curbed buyer appetite for new homes. However, mortgage rates have fallen to their lowest level in over a year, with the average rate on the 30-year fixed-rate mortgage dropping to 6.49% from 6.47% last week. This drop is expected to improve buyer interest and builder sentiment in the coming months.

In the technology sector, StarHub Ltd reported a modest 1% increase in total revenue for the first half of 2024, reaching S$1.1 billion. The company’s Enterprise division experienced a 10.8% growth in revenue, driven by a 29% year-on-year revenue increase in the cybersecurity segment. Genting Singapore also reported impressive results, with revenue surging by 25% year on year, reaching S$1.36 billion. The company’s robust revenue growth was attributed to strong performance in maintenance, repair, and overhaul (MRO) services, with the division securing S$2.1 billion in new contracts during the first half of 2024.

Overall, the stock market’s positive performance is expected to continue, driven by a strong US consumer and labor market, as well as improving housing market conditions.