To The Moon

Last Week's Recap

1. The major U.S. indexes posted fractional declines

• Major Indexes: The $S&P 500(.SPX)$ saw fluctuations, closing at 6940.01, down slightly from the previous week's high of 6977.27.

• Sizzling small caps: A U.S. small-cap benchmark $iShares Russell 2000 ETF(IWM)$ outpaced its large-cap peers by a wide margin for the second week in a row, marking a sharp rotation from small caps’ lagging 2025 performance.

• Earnings kickoff: Analysts projected that financials sector earnings rose 6.6% in the fourth quarter—slightly below the 8.2% average gain that’s forecast across all 11 sectors in the S&P 500. Information technology is expected to post the strongest earnings growth, with consumer discretionary generating the weakest result.

• Stable inflation: The latest Consumer Price Index report showed that inflation held steady at a 2.7% annual rate in December—unchanged from November.

• China’s trade surplus: China reported that its exports in 2025 climbed 5.5% relative to 2024 while imports stayed flat, boosting its annual trade surplus to a record level of nearly $1.2 trillion.

• Japanese rally: A Japanese stock market benchmark surged more than 4% for the week, surpassing a record high set the previous week. Since mid-December, the index has gained more than 10%.

2. The US Sectors & Stocks - Tech and Semiconductor Stocks Lead Market Movements Amid Earnings Reports

Sectors: Technology and retail showed strong sectoral movements, despite concerns over the Justice Department's investigation of Fed Chair Jerome Powell and proposed credit card rate caps by President Trump. Investor confidence remained buoyed by anticipated robust Q4 earnings growth, especially in the technology sector.

• $Netflix(NFLX)$ reported a slight decline of 1.68%. Despite the upcoming Q4 earnings report, the stock faced pressure from market sentiment and competitive dynamics.

• $Applied Materials(AMAT)$ saw a notable increase of 12.02%, driven by strong earnings and positive analyst ratings. The company's stock performance reflects confidence in its growth prospects amid robust demand for semiconductor equipment.

• $Sidus Space Inc.(SIDU)$ experienced a significant drop of 7.39%, reflecting market volatility and investor sentiment. The stock's performance highlights the challenges faced by smaller tech companies in a competitive market.

• $Moderna, Inc.(MRNA)$ saw a notable increase of 11.15%, reflecting strong earnings and positive market sentiment. The company's developments in vaccines and biotechnology continue to attract investor interest.

• $CoreWeave, Inc.(CRWV)$ experienced a increase of 1.03%, driven by positive market sentiment and strategic developments. The company's focus on AI and cloud computing continues to attract investor interest.

• $Bilibili Inc.(BILI)$ experienced a significant increase of 10.62%, driven by positive market sentiment and strategic developments in the digital entertainment sector.

• $Citigroup(C)$ experienced a decline of 2.21%, reflecting broader market trends and financial sector challenges. The company's earnings report highlighted mixed results, impacting investor sentiment.

• $Bank of America(BAC)$ saw a decline of 0.18%, driven by market reactions to earnings and economic outlook. The financial sector faced headwinds amid regulatory and economic uncertainties.

• $JPMorgan Chase(JPM)$ experienced a increase of 1.14%, influenced by earnings results and market sentiment. The company's performance reflects broader trends in the financial sector.

• $NVIDIA(NVDA)$ decreased 2.11%. The company's ongoing developments in AI and semiconductor technology continue to attract investor interest.

• $Taiwan Semiconductor Manufacturing(TSM)$ experienced a increase of 1.26%, driven by strong earnings and positive market sentiment. The company's leadership in semiconductor manufacturing continues to attract investor confidence.

• $Apple(AAPL)$ saw a decline of 4.3%, influenced by market dynamics and competitive pressures. The company's strategic moves in AI and partnerships with Google are closely watched by investors.

• $ASML Holding NV(ASML)$ saw a notable increase of 9.46%, reflecting strong earnings and positive analyst ratings. The company's position in the semiconductor equipment market remains strong.

• $Intel(INTC)$ experienced a significant increase of 15.67%, driven by positive market sentiment and strategic developments in semiconductor manufacturing.

• $Direxion Daily Semiconductors Bull 3x Shares(SOXL)$ saw a significant increase of 14.20%, reflecting strong performance in the semiconductor sector and positive market sentiment.

• $Tempus AI(TEM)$ experienced a significant increase of 6.27%, driven by positive market sentiment and strategic developments in AI technology.

• $Boeing(BA)$ saw a notable increase of 2.97%, reflecting positive market sentiment and strategic developments in the aerospace sector.

3. Hong Kong Market - HSI rose 2.3% amid tech and healthcare gains

• $HSI(HSI)$: The Hang Seng Index increased by 2.3% and closed at 26,844.96. The rise was driven by strong performances in the technology and healthcare sectors, with significant contributions from companies like Alibaba and WuXi AppTec. The market showed optimism following positive developments in China-EU negotiations and robust earnings reports from key players.

• $HSTECH(HSTECH)$ : Hong Kong Exchanges and Clearing Limited saw a 2.7% increase. Analysts expect a slight decline in Q4 net profit, but the stock remained resilient, reflecting investor confidence in its long-term growth potential.

• $KUAISHOU-W(01024)$ rose by 4.89%. The company announced plans to issue USD and RMB priority notes, aiming to raise funds for general corporate purposes, which boosted investor sentiment.

• $JD-SW(09618)$ declined 0.87% last week. Despite launching a new self-pickup food promotion, the stock faced pressure from broader market trends and competition in the e-commerce sector.

• $JIANGXI COPPER(00358)$ increased by 7.28% last week. The company signed an investment option contract with First Quantum Kazakhstan, enhancing its exploration capabilities and business development prospects.

• $HUA HONG SEMI(01347)$ saw a 17.1% increase last week. The company announced plans to acquire a significant stake in Huahong Grace Semiconductor Manufacturing Corporation, expanding its production capacity and market reach.

• $BILIBILI-W(09626)$ rose by 1.8% this week. The company reported continuous growth in advertising revenue, reflecting strong user engagement and increasing demand from advertisers.

• $WUXI APPTEC(02359)$ increased by 0.92% last week. The company forecasted a significant rise in net profit for 2025, indicating strong financial growth and improved profitability.

• $ALI HEALTH(00241)$ surged by 17.85% last week. The company released a positive earnings report, showing substantial improvement in profitability and market performance.

• $BABA-W(09988)$ rose by 13.45% last week. The company announced a major update to its Qwen app, integrating it with its ecosystem, which enhanced its AI-powered shopping and lifestyle services, driving investor optimism.

4. Singapore Market - STI Gains 2.2% Amid Positive Market Sentiment

• $Solidion Technology Inc.(STI)$: The Straits Times Index (STI) rose by 2.20%, driven by optimism in the market and significant stock performances. Key contributors included Alibaba HK SDR 5to1, UMS, and UOL, which saw substantial gains.

• $ST Engineering(S63.SI)$ experienced a 7.02% increase. The company's earnings are expected to be supported by growth in the commercial aerospace and defense sectors. DBS Group Research raised the target price to S$10.20 from S$9.40, maintaining a buy rating.

• $Singtel(Z74.SI)$ saw a modest increase of 0.67%. Analysts project that Singtel's return on invested capital (ROIC) could significantly improve if it sells its Australian unit Optus. The company's earnings are forecasted to grow at a 14% CAGR from FY 2026 to FY 2028.

• $Centurion(OU8.SI)$ rose by 5.15%, completed the divestment of its property, Epiisod Macquarie Park, reflecting its strategic business operations and asset management.

• $OCBC Bank(O39.SI)$ increased by 3.23%, filed for the listing of AU$1.2 billion worth of floating rate bonds due January 2029 on the Singapore Exchange.

• $UOB(U11.SI)$ rose by 2.00%, planned to issue $850 million in perpetual capital securities as part of its $38.63 billion global medium-term note program.

• $IFAST(AIY.SI)$ rose by 6.83%, launched new 3-year fixed deposit products offering higher yields in response to global interest rate cuts.

5. Australian Market - XJO.AU rose 2.1% amid market optimism

$S&P/ASX 200(XJO.AU)$: The Australian stock market experienced a positive week, with the S&P/ASX 200 Index ( XJO.AU ) rising by 2.1%. The index closed at 8903.9, up from 8717.8 at the beginning of the week. This upward trend was driven by growing investor confidence and positive economic indicators.

Sectors: Paper Products, Semiconductor Equipment, Aerospace & Defense

Coal & Consumable Fuels andLife Sciences Tools & Servicesindustries lead weekly gains.

• $BHP GROUP LTD(BHP.AU)$ +2.66% and surged to a 52-week high of $49.75, driven by strong commodity prices across its key products. Copper reached record levels above $6 per pound (up 39% year-over-year), iron ore prices gained 10% to US$108.25/tonne, and metallurgical coal rose 20% to US$235.33/tonne.

• $Rio Tinto Ltd(RIO.AU)$ +3.63%, this stock is also supported by elevated base metal prices, particularly copper (up 39% to $5.97/lb), and announced plans to cooperate with BHP in the Pilbara region. RIO upgraded its 2025 copper production guidance to 860-875 kt and announced it would change its iron ore pricing index from Platts to Fastmarkets MB index for January-February 2026 shipments.

• $GOODMAN GROUP(GMG.AU)$ +4.67%, the company signed a A$14 billion European data center partnership with the Canada Pension Plan Investment Board, following a new US$2 billion partnership with Aware Super, acquiring a 49% stake in California properties. The industrial property giant is capitalizing on surging demand for data center infrastructure.

• $ANZ GROUP HOLDINGS LTD(ANZ.AU)$ +5.84%, the broader banking sector received a boost from expectations of potential RBA interest rate hikes in 2026. The bank's defensive yield characteristics and capital strength attracted investors amid geopolitical uncertainties.

• $Macquarie(MQG.AU)$ +2.8%, the investment bank also benefits from the financial sector's momentum, which is good for rising interest rates and volatile commodity markets. As a major broker, upgrading mining stocks also benefits from increased trading activity and M&A advisory work in the resources sector.

The Week Ahead

1. The Macro Factors -Market Outlook: Economic Data, Earnings Reports, and Global Events

World Economic Forum in Davos:

• President Trump and other global leaders will discuss key economic issues.

PCE & Q3 GDP Final Print:

• Bureau of Economic Analysis’s personal consumption expenditures price index and the final estimate of third-quarter GDP growth are both due on Thursday.

Federal Reserve – Static Rate Posture Priced In

• Futures markets imply a near-certain probability of no change at the forthcoming FOMC meeting; Chair Powell’s rhetoric on the disinflation path and balance-sheet strategy will dominate volatility channels.

Geopolitics & Trade – Tariff Tail-Risk over the Atlantic

• Escalating rhetoric on potential U.S. tariffs against European goods represents a latent threat to trans-Atlantic supply chains and risk sentiment.

2. Earnings Spotlight: NFLX JNJ PG GE INTC

This week’s reports will shape first-cut 2026 expectations—particularly on consumer health, tech spending, and cyclical resilience.

Consumer Staples & Health Care Set the Tone： Johnson & Johnson (JNJ), Procter & Gamble (PG), Abbott (ABT)

• Markets will zoom in on pricing power, margin recovery from lower commodity costs, and any 2025 volume outlook.

Big-Tech After-Hours Pulse： Netflix (NFLX), Intel (INTC)

• NFLX: subscriber re-acceleration vs. ad-tier payoff; INTC: early read on AI-PC cycle and foundry-loss narrowing.

Industrials & Energy Check-In： General Electric (GE), Schlumberger (SLB), Halliburton (HAL)

• GE Aerospace shop-visit growth and LEAP spare-part pricing; oil-service names to flag global rig count and offshore capex signals.

Home & Mining Snapshots： D.R. Horton (DHI), Freeport-McMoRan (FCX)

• A quick take on U.S. housing demand (mortgage-rate sensitivity) and copper volume into the green-energy build-out.

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