Last Week's Recap
1. Moderating Market: $S&P 500(.SPX)$ and $NASDAQ(.IXIC)$ Add ~1% as April Momentum Cools
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Moderating market — S&P 500 and NASDAQ both added ~1% to fresh records; Dow edged up 0.5%, still 1.4% below its all-time high.
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Fed transition — Fed held rates unchanged; Kevin Warsh’s nomination to replace Powell cleared a Senate panel, teeing up a full Senate vote.
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Bullish April — NASDAQ +15.3% (best month since Apr 2020); S&P 500 +10.4% (best since Nov 2020); Dow +7.1% (best since Nov 2024).
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Earnings surge — S&P 500 Q1 EPS growth forecast jumped to 27.1% from 15.0% after mega-cap tech beats, per FactSet.
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GDP comeback — Q1 GDP grew at a 2.0% annual rate, up from 0.5% in Q4 2025.
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PCE climbs — Core PCE hit 3.2% in March, the highest since November 2023.
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Jobs ahead — March payrolls rebounded to +178K (above forecast) from February’s -133K; April NFP due Friday.
2. The US Sectors & Stocks - Big Tech Earnings & AI Infrastructure Lead the Charge
The S&P 500 index surged 10.42% in April, marking its best monthly performance since 2020, driven by a 17.7% increase in the information technology sector.
Industry leaders: Search Engine (+11.88%) and Quantum Computing (+9.34%) dominated the leaderboard, and Hydrogen Energy (+24.07%) also surged on green infrastructure policy tailwinds.
10 Popular Stocks:
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$Alphabet(GOOG)$ +11.99% — Q1 2026 revenue surged 22% to $109.9 billion, with Google Cloud accelerating to 63% growth ($20.0B) and backlog nearly doubling QoQ to over $460 billion. Search revenue grew 19%, and the company raised its dividend by 5% to $0.22 per share.
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$Eli Lilly(LLY)$ +8.98% — Q1 revenue grew 56% YoY driven by Zepbound and Mounjaro, which jointly generated $12.8 billion. The new oral GLP-1 Koundeo received FDA approval and already treated 20,000+ patients. Full-year guidance raised to $82–$85 billion revenue.
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$Micron Technology(MU)$ +9.16%— AI-driven high-bandwidth memory demand greatly outstripped supply, giving Micron immense pricing power. In its March earnings report, revenue hit $24 billion (up nearly 200% YoY) with operating income of $16 billion (68% margin).
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$Intel(INTC)$ +20.69% — Q1 2026 earnings demolished consensus: revenue of $13.6 billion and EPS of $0.29 vs. $0.01 estimate. CEO Lip-Bu Tan's turnaround strategy, foundry separation, and 18A process roadmap gained market confidence.
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$Caterpillar(CAT)$ +7.09% — Q1 EPS of $5.54 crushed the $4.66 estimate on revenue of $17.4 billion. The company reported a record $63 billion backlog, with management citing strong demand from construction, energy, and AI-driven data center infrastructure buildout.
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$Visa(V)$ +6.01 — Q2 FY2026 revenue of $11.23 billion (up 17% YoY) topped the $10.96B consensus, with operating profit up 33% to $7.23 billion. Net income attributable to shareholders rose 32% to $6.02 billion.
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$Tesla Motors(TSLA)$ +3.86 — The Austin robotaxi fleet reached 135 vehicles in active service, and the company is targeting expansion to Houston, Dallas, and Phoenix. Energy division margins soared to 30% with revenue approaching $20B annually.
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$UnitedHealth(UNH)$ +8% — Q1 revenue of $111.7 billion and adjusted EPS of $7.23 (10% beat) crushed expectations. Medical Care Ratio improved to 83.9%, and full-year 2026 adjusted EPS guidance was raised to >$18.25 (from >$17.75).
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$Meta Platforms, Inc.(META)$ -9.82% — Q1 EPS of $10.44 on revenue of $56.3 billion beat consensus ($8.15 EPS, $55.5B revenue). However, the company raised 2026 Capex guidance to $125–$145 billion (from $115–$135B), reflecting higher component pricing and data center costs.
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$Applied Materials(AMAT)$ -6.7% — 6.7% last week was driven by a triple-whammy of AI demand jitters, sector-wide profit-taking, and geopolitical risk-off.
3. Hong Kong Market— HSI slipped 0.8% as tech volatility met earnings-driven stock rotation
$HSI(HSI)$ shed 0.8% and closing near 25,776.53, as profit-taking ahead of the Golden Week holiday and weakness in large-cap tech names offset strength in energy and chip stocks.
The $HSTECH(HSTECH)$ fell 0.63% and close near 4,871.32, with Southbound funds recording a net inflow of HKD 18.67 billion during the week.
Industry leaders: HK Semiconductor Stocks (+18.66%) and Petroleum ETF (+12.90%) dominated the leaderboard, multi-Sector Holdings (+16.03%) also advanced on cross-sector rotation flows.
10 Popular Stocks:
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$PETROCHINA(00857)$ +8.38% — Crude oil held near $95–$102/bbl on U.S.-Iran ceasefire uncertainty and Strait of Hormuz supply fears, lifting the upstream energy giant alongside the broader Petroleum ETF sector.
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$CATL(03750)$ -13.45% — The battery giant announced a 62.385 million H-share placement at HKD 628.2 per share, a ~7% discount to the April 27 close of HKD 675.5, raising approximately HKD 39.19 billion. The large-scale financing plan weighed heavily on sector sentiment, dragging lithium-battery stocks lower.
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$CNOOC(00883)$ +6.22% — Q1 net profit rose 7% YoY on higher oil prices and production growth, while the controlling shareholder continued its share-purchase plan, cumulatively increasing holdings by 25 million shares over the past year.
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$PING AN(02318)$ +3.88% — The insurer drew defensive inflows amid market volatility, while its "Service Year 2026" launch upgraded AI-powered express claims and global emergency assistance, reinforcing its tech-enabled moat.
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$AIA(01299)$ +4.04% — Continued aggressive share buybacks supported the stock, with the company repurchasing 3.817 million shares for HKD 318 million on April 20 alone, bringing cumulative repurchases to 150 million shares (1.4% of issued shares).
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$CHINA LIFE(02628)$ +6.79% — Q1 results showed new business value surging 75.5% YoY, crushing expectations and sending the stock up over 6% intraday on April 29 before settling at a solid weekly gain.
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$SMIC(00981)$ +21.30% — The best-performing blue chip of the week. DeepSeek V4 model launch and blowout earnings from Texas Instruments and Intel confirmed smooth progress in China’s advanced-process capacity expansion. CLSA reiterated an Outperform rating with a HKD 93.3 target, citing AI chipset localization tailwinds. SMIC jumped 7.8% on April 28 alone.
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$XIAOMI-W(01810)$ -6.93% — Large-cap tech names faced broad profit-taking ahead of the Golden Week holiday, with Xiaomi falling alongside Alibaba and Tencent as investors trimmed risk exposure; the stock also faced pressure from block trades registered during the week.
4. Singapore Market - STI gains 0.21% amid mixed market signals
$Straits Times Index(STI.SI)$ edged up 0.21% and closed at 4912.69, as gains in semiconductors and energy were offset by weakness in banks and REITs.
Sectors: Communications Equipment (+22.76%) and Semiconductors (+22.57%) dominated the leaderboard, Heavy Electrical Equipment (+21.88%) also advanced on power-infrastructure tailwinds.
10 Popular Stocks:
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$PetroCN HK SDR 1to2(HPCD.SI)$ +9.17% — The Singapore-listed HK SDR tracked its Hong Kong parent higher as U.S. crude held near $95–$102/bbl on Middle East supply concerns, lifting the energy major alongside the broader petroleum complex.
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$Delta TH SDR 1to1(TDED.SI)$ +5.8% — The Thailand-based power-electronics giant’s SDR advanced on AI data-center power-supply demand; its product portfolio spans EV powertrain, telecom power, and renewable energy inverters.
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$SMIC HK SDR 5to1(HSMD.SI)$ +22.63% — The best-performing SGX blue chip of the week. SMIC’s SDR soared alongside the global semiconductor rally after TXN/INTC earnings crushed estimates, while DeepSeek V4’s April 24 launch reinforced China’s AI self-reliance narrative.
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$First Resources(EB5.SI)$ +9.75% — The palm-oil producer continued its momentum after reporting FY2025 net income of US$353.9M and proposing a final tax-exempt dividend of 10.20 SGD cents; Indonesian production cuts and biodiesel demand provided further tailwinds.
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$UOB Kay Hian(U10.SI)$ +8.53% — Singapore’s largest brokerage drew buyers ahead of its S$0.12 dividend (ex-date May 7) and benefited from elevated market turnover; the stock offers a forward yield of nearly 5% at a single-digit P/E.
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$Bumitama Agri(P8Z.SI)$ +5.61% — The palm-oil plantation company rode the CPO price rally alongside First Resources and EB5, as agricultural commodities gained safe-haven status amid geopolitical volatility.
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$TJ DaRenTang USD(T14.SI)$ +7.19% — The Chinese medicine wholesaler and manufacturer attracted defensive dividend hunters; it paid a S$0.352 per share dividend in January (yield ~10%), offering shelter in a choppy week.
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$AEM SGD(AWX.SI)$ +44.97% — The semiconductor test-solutions provider exploded higher ahead of its May 6 Q1 earnings. FY2025 revenue hit a record S$399.3M (+5% YoY) with AI/HPC test volumes surging 50%; management guided FY2026 revenue of S$460–510M. The company also returned to net cash and reinstated dividends after a three-year hiatus.
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$UMS(558.SI)$ +10.10% — The precision semiconductor-equipment maker rallied with the sector; it commands a S$1.93B market cap with an upcoming S$0.02 dividend (ex-date May 7), and continues to benefit from front-end wafer-fab capital expenditure.
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$Boustead(F9D.SI)$ +7.17% — The infrastructure engineering group advanced after its real-estate division secured a RM 300 million (~S$90M) data-center construction contract in Malaysia, boosting its engineering order backlog to S$248M.
5. Australian Market — XJO –0.65% as financials show resilience
$S&P/ASX 200(XJO.AU)$ edged down about 0.65% over the week, as weakness in supermarkets, gold miners, and energy names offset gains in tech, logistics, and property. weight names.
Industry leaders: Paper Products (+27.27%) and Advertising (+18.17%) dominated the leaderboard, and Electronic Equipment & Instruments (+16.02%) also advanced on global semiconductor demand.
10 Popular Stocks:
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$BHP GROUP LTD(BHP.AU)$ -2.07% — Iron ore price headwinds weighed on the Big Australian. Westpac forecasts a 20% drop in iron ore prices to US$83/t by end-2026 on rising global supply and reduced Chinese steel production.
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$WESTPAC BANKING CORPORATION(WBC.AU)$ -1.44% — A broker sell alert on April 30 and the overhang from its April 14 trading update — which flagged a $75M hit to reported NPAT from RAMS mortgage portfolio sale transaction costs — kept pressure on the stock ahead of its May 5 half-year results.
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$ANZ GROUP HOLDINGS LTD(ANZ.AU)$ -1.71% — Profit-taking ahead of its May 1 half-year results release offset post-earnings gains. While ANZ ultimately delivered a 70% cash profit jump and raised its dividend, the stock softened into the print amid broad big-four bank weakness.
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$Macquarie(MQG.AU)$ +2.54% — The "sixth pillar" bank outperformed as its Q3 FY26 update showed asset management surging on divestments and performance fees, while commodities and global markets expanded LNG trading capabilities. CEO Wikramanayake emphasised "massive growth headroom" across all four divisions.
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$GOODMAN GROUP(GMG.AU)$ +2.81% — The industrial property giant drew buyers on data-center momentum. Development WIP increased 12% H/H to $14.4B, with FY26 WIP now expected to hit $18B (up from >$17.5B prior) as data centre-related contributions rise, pushing development yield on cost to 8.1%.
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$WOOLWORTHS GROUP LTD(WOW.AU)$ -9.87% — The supermarket giant crashed on its Q3 FY26 sales update. While total sales rose 4.5% to $18.1B, management flagged "increased customer caution" and guided Australian Food EBIT growth to the mid-to-high single digits — but no longer at the upper end. New Zealand Food sales fell 5.2% in AUD terms.
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$BRAMBLES LTD(BXB.AU)$ +4.13% — CLSA reiterated an Outperform rating, citing digital transformation progress and margin expansion. The pallet and logistics leader targets two percentage points of margin growth by FY28 and >$750M annual free cash flow from FY26–FY28.
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$NORTHERN STAR RESOURCES LTD(NST.AU)$ -3.16% — Gold miners faced profit-taking despite the yellow metal trading near record highs. NST had already fallen 15% in 2026 prior to this week as cost inflation and operational concerns offset the gold price tailwind.
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$EVOLUTION MINING LTD(EVN.AU)$ -4.78% — The gold producer suffered a deeper pullback as the sector rotated out of safe-haven names. EVN had rocketed 164% in 2025 and was up 7% YTD in 2026 heading into the week, making it a prime target for profit-locking amid broader market volatility.
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$ORIGIN ENERGY LTD(ORG.AU)$ -5.48% — The energy utility sank on its Q3 FY26 update. Integrated Gas revenue dropped 13.3% QoQ to $1.86B on lower LNG prices and volumes. Worse, Octopus Energy FY26 EBITDA guidance was slashed to negative $70M to positive $30M (from $0–$150M prior) due to UK regulatory changes and adverse weather.
The Week Ahead
1. Macro Factors: May 4-8
Friday's NFP is the dominant event. After March's +178K rebound and the zig-zag pattern of the past 10 months, traders will parse every detail for Fed trajectory clues. The ISM Services PMI (Tue) and ADP (Wed) are the warm-up acts.
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Tue 5/6 ISM Services PMI (ISM)
Services = ~80% of U.S. GDP. Last read was 52.4. A slip below 50 flips the "soft landing" narrative.
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Wed 5/7 ADP Employment Report (ADP)
Private payrolls preview. Big deviation from +140K consensus sets the tone for Friday's NFP.
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Fri 5/9 U. of Michigan Consumer Sentiment (Prelim)
Collapsed to 49.8 in April. Any bounce back toward 55+ eases recession fears; another drop below 50 triggers risk-off.
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Fri 5/9 Nonfarm Payrolls & Unemployment (BLS)
The Fed's #1 data point. March printed +178K after Feb's -133K. Another strong beat could push the first cut from July to September.
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