Weekly: US Market V-Shaped Recovery as Tensions Ease; Eyes on Tesla & Intel

Last Week's Recap

1. U.S. Market Summary: Major U.S. indexes jumped sharply on easing Middle East tensions and sliding oil prices

• V-shaped recovery – S&P 500 finished 4.5% higher, NASDAQ gained 6.8%, and Dow rose 3.2%. NASDAQ marked its 13th consecutive positive session (longest streak since 1992).

• Small-cap record – Russell 2000 climbed 5.6% to a record high, surpassing its prior peak set nearly two months earlier.

• Style shift – Growth stocks outpaced value for the third straight week; growth benchmark finished 6.7% higher versus a 2.4% rise for value.

• Oil sell-off – U.S. crude fell to ~$83/barrel from ~$96 a week earlier and an April 7 peak of ~$113; remains up 40% year-to-date.

• Yields fall – Treasury yields declined for the fourth week amid easing inflation concerns; 10-year yield finished at 4.24%, down from a 4.44% peak on March 27.

• Underinflated – March PPI rose 0.5% monthly, well below the 1.1% consensus forecast; higher gasoline prices accounted for about half the overall gain.

• Earnings kickoff – Big banks reported better-than-expected results lifted by higher trading revenue; Q1 financials sector earnings projected to rise 19.7%, above the 15.1% forecast entering the week.

2. The US Sectors & Stocks - Tech and Financials Lead the Charge

$S&P 500(.SPX)$ : The S&P 500 index advanced 4.54% and closed at 7,126.06 last week, as the fundamental driver came from a temporary easing of Middle East geopolitical risks, while blowout earnings from cloud infrastructure giants and resurgent crypto sentiment drove a broad-based rally across growth and cyclical sectors

Industry leaders: Data Processing & Outsourced Services (+19.87%) and Internet Services & Infrastructure (+16.42%) dominated the leaderboard, fueled by accelerating AI workload migration and hyperscale data center expansions.

10 Popular Stocks:

• $Robinhood(HOOD)$: +31.16% - Crypto trading volumes spiked to 2024 highs as Bitcoin broke above $92,000; new derivatives product launch and international expansion into UAE drove user growth forecasts.

• $Oracle(ORCL)$: +26.77% - Cloud infrastructure revenue accelerated to 58% YoY growth; signed multi-billion dollar AI training contracts with three major sovereign wealth funds and expanded OCI GPU cluster capacity by 40%.

• $Coinbase Global, Inc.(COIN)$: +22.93% - Benefited from institutional custody wins and spot Ethereum ETF inflows; Q1 transaction revenue estimates revised upward on heightened retail crypto participation.

• $AppLovin Corporation(APP)$: +21.93% - AXON 2.0 AI ad engine delivered 35% improvement in advertiser ROI; raised full-year revenue guidance on accelerated adoption by mobile gaming and e-commerce verticals.

• $ON Semiconductor(ON)$: +20.92% - Silicon carbide power module shipments for EVs hit record highs; secured supply agreements with two Chinese EV giants and announced capacity expansion in Czech Republic.

• $DoorDash, Inc.(DASH)$ : +20.52% - Q1 gross order value crushed consensus by 12%; new advertising revenue streams and international market penetration (Australia/Germany) boosted take-rate expansion targets.

• $Datadog(DDOG)$: +20.16% - AI observability product suite crossed $200M ARR; announced strategic partnership with Nvidia to monitor AI infrastructure workloads, driving enterprise deal sizes higher.

• $Apollo Global Management LLC(APO)$: +19.51% - Asset under management surged past $750B; closed $15B insurance liabilities transaction and announced dividend hike on strong credit and private equity realization activity.

• $Ares Management LP(ARES)$: +17.24% - Direct lending portfolio benefited from floating-rate environment; closed $8B infrastructure fund and raised guidance for fee-related earnings on robust deployment velocity.

• $Cadence Design(CDNS)$: +17.08% - AI chip design software demand surged; secured tier-1 AI semiconductor company contract for 2nm custom silicon development tools, validating AI-driven EDA leadership.

3. Hong Kong Market - HSI gains 1.03% amid employment services boom and tech component rally

$HSI(HSI)$ : The Hang Seng Index advanced 1.03% to 26,160.33 last week, bolstered by policy stimulus expectations targeting consumer spending and labor market support, while defensive rotations into high-yield financials provided downside cushion.

Sector Leaders: Human Resource & Employment Services (+15.50%), Electronic Components (+9.46%), and Broadline Retail (+8.63%).

Top 10 Performers:

• $BABA-W(09988)$: +8.2% – Announced $38B cloud infrastructure investment; Q4 cloud revenue +26% YoY with AI revenue doubling sequentially; record Southbound holdings.

• $ABC(01288)$: +4.49% – Defensive yield play (4.5% forward dividend); trades 0.54x P/B; rural loan growth beat 15% target.

• $BYD COMPANY(01211)$: +5.99% – Launched 2nd-gen Blade Battery (~1,200km range); 10-model refresh cycle began; JPM upgraded on 50%+ Q2 volume recovery expected.

• $XIAOMI-W(01810)$: +3.34% – SU7 Ultra pre-orders hit 52K in 24 hours; Urban NOA nationwide rollout; Feb delivery decline already priced in.

• $PHOENIX TV(02008)$: +4.09% – Low-float technical bounce; digital media sector beta rally on content licensing optimism.

• $MANULIFE-S(00945)$: +6.25% – Investment yield stabilization; China bancassurance +18% YoY; renewed HK$2B buyback program.

• $BIDU-SW(09888)$: +12.25% – ERNIE 5.0 launch; enterprise AI cloud revenue hit RMB 850M monthly (+120% YoY); Apollo Go expanded to 1,200 vehicles in Wuhan.

• $JD-SW(09618)$: +9.72% – "Instant Retail" segment +45% YoY; JD Logistics REIT IPO approved unlocking $5B value; accelerated share buybacks.

• $TRIP.COM-S(09961)$: +6.63% – Labor Day Golden Week outbound bookings +92% YoY; Japan/SEA routes recovered to 115% of 2019 levels.

• $POP MART(09992)$: +5.43% – "Labubu x Naruto" collaboration pre-orders hit RMB 380M; Southeast Asia stores reached 52 with Indonesia same-store sales +78%.

4. Singapore Market - STI edges up 0.17% as insurers soar on restructuring bets

STI: The Straits Times Index closed at 4,997.93 (+0.17%), with heavyweight banks and REITs muted while mid-cap insurers and energy names drove alpha.

Industry Leaders: Insurance (+19.57%) led on OCBC strategic review speculation for Great Eastern, while Coal & Fuels (+15.45%) tracked Newcastle coal reclaiming $115/ton..

Top 10 Performers:

• $SS SPDR S&P500 USD(S27.SI)$: +3.42% – Offshore wind contract wins and legacy O&G maintenance backlog conversion continued to support valuation.

• $Alibaba HK SDR 5to1(HBBD.SI)$: +7.30% – Special dividend optimism and NIM expansion on sustained high-rate environment drove yield appeal.

• $Prudential USD(K6S.SI)$: +19.84% – AI hyperscaler pre-leasing at SGX 10 hit 95% with positive rental reversions (+18%), triggering sharp rerating.

• $HorizonRobo HK SDR1to1(HHZD.SI)$: +3.42% – Yantian throughput recovery to 110% of 2019 levels and special distribution declaration supported modest gains.

• $NIO Inc. USD OV(NIO.SI)$: +10.70% – March delivery beat (39K vs 35K consensus) and BaaS subscription records lifted sentiment; tracked NYSE surge.

• $Genting Sing(G13.SI)$: +3.65% – RWS VIP gaming recovery to 85% of pre-pandemic levels and record USS attendance provided steady support.

• $Mapletree Log Tr(M44U.SI)$: +5.04% – JPY stabilization and 98.2% portfolio occupancy on e-commerce demand drove defensive positioning.

• $Frasers Property(TQ5.SI)$: +3.88% – Suburban mall tenant sales surprise (+6% YoY) and +12% rent renewal reversions at NEX/Tampines 1.

• $Haw Par(H02.SI)$: +5.34% – Singapore luxury residential sell-through hit 90% (Marina One) while Central office vacancy tightened to 8.5%.

• $Olam Group(VC2.SI)$: +13.29% – AI server power management module shipments accelerated; secured new industrial automation contracts worth S$200M.

5. Australian Market - XJO slips 0.15% as tech and lithium miners outperform

XJO: The S&P/ASX 200 index closed at 8,946.9, edging down 0.15%, as strength in lithium miners and property trusts was offset by weakness in financials and energy.

Industry Leaders: Interactive Home Entertainment (+22.80%) led on gaming demand recovery; Motorcycle Manufacturers (+15.38%) rallied on export orders; Electronic Manufacturing Services (+13.88%) tracked chip demand.

Top Performers:

• $PLS Group Ltd(PLS.AU)$: +12.69% – Lithium spodumene prices stabilized above $1,100/t; Pilgangoora expansion hit 95% capacity utilization.

• $REA GROUP LTD(REA.AU)$: +10.29% – Property listings surged 25% MoM in Sydney/Melbourne; mortgage broking revenue hit quarterly records.

• $Block Inc(XYZ.AU)$: +8.53% – Enterprise AI SaaS revenue grew 30% YoY; secured major banking workflow contracts.

• $Macquarie(MQG.AU)$: +6.61% – Asset management inflows accelerated; commodities trading desk benefited from volatility.

• $GOODMAN GROUP(GMG.AU)$: +5.04% – Data center pipeline expanded 200MW across Asia-Pacific; logistics occupancy firmed to 98.5%.

• $FORTESCUE LTD(FMG.AU)$: +4.79% – Iron ore shipments beat quarterly guidance; Oman green hydrogen project secured offtake agreements.

• $SIGMA HEALTHCARE LTD(SIG.AU)$: +4.09% – Pharmacy distribution contract renewals with 8% price escalations; generic inventory hedging paid off.

• $BHP GROUP LTD(BHP.AU)$: +3.59% – Copper production guidance raised on Escondida recovery; Queensland coal divestment closed at 15% premium.

• $ARISTOCRAT LEISURE LTD(ALL.AU)$: +3.39% – North American gaming machine placements recovered to 90% of pre-pandemic levels; digital casino revenue +15% YoY.

The Week Ahead

1. Macro Factors

Key Economic Data

• U.S.: PPI (+4.6% YoY exp), Empire State & Philly Fed surveys, existing home sales, industrial production

• Europe: Final March CPI (Spain, France, Italy, Eurozone), industrial production, ECB meeting minutes

• China: Q1 GDP (+4.9% exp), March trade (+8% exports exp), retail sales, industrial output, FAI

Geopolitics & Macro

• U.S.-Iran ceasefire talks in Islamabad; oil/bond volatility persists

• IMF to update global forecasts assessing Middle East conflict impact

2. Earnings Spotlight：UNH | TSLA | INTC | BA | IBM | LMT | PG

Monday

• Pre: $cleveland-cliffs(CLF)$

• After: $Alaska Air(ALK)$ , $Steel Dynamics(STLD)$

Tuesday

• Pre: $UnitedHealth(UNH)$, $3M(MMM)$, $GE Aerospace(GE)$, $RTX Corp(RTX)$, $Halliburton(HAL)$

• After: $United Airlines(UAL)$, $Intuitive Surgical(ISRG)$, $Western Alliance(WAL)$

Wednesday — Heavyweight Day

• Pre: $AT&T Inc(T)$, $Boeing(BA)$, $Elevance Health(ELV)$, $Boston Scientific(BSX)$, $Teledyne(TDY)$

• After: $Tesla Motors(TSLA)$, $ServiceNow(NOW)$ , $IBM(IBM)$, $ServiceNow(NOW)$, $IBM(IBM)$, $Texas Instruments(TXN)$

Thursday

• Pre: $American Airlines(AAL)$, $Mobileye Global Inc.(MBLY)$, $Lockheed Martin(LMT)$, $American Express(AXP)$ , $Southwest Airlines(LUV)$

• After: $Intel(INTC)$, $Newmont Mining(NEM)$

Friday

• Pre: $Procter & Gamble(PG)$ , $SLB Ltd(SLB)$