To The Moon

Last Week's Recap

1. Market Digest: $S&P 500(.SPX)$& $NASDAQ(.IXIC)$ Hit Records, Yields Ease, Earnings Elevated, Oil Steadies (Week Ended October 9, 2026)

• Record highs — $S&P 500(.SPX)$and $NASDAQ(.IXIC)$ climbed to record highs Tuesday; neither pushed higher as the week progressed, but both finished around 1% higher, as did the Dow.

• Yields slip — 10-year Treasury at 5.24%, 30-year at 5.60% (slightly lower but near 20-year highs). The 2-year fell to 4.79% (from 4.84%).

• Elevated earnings — FactSet forecasts $S&P 500(.SPX)$ earnings growth of 29.6%, which would mark the third consecutive quarter of 25%+ growth as major banks kick off season.

• Oil stabilizes — Crude traded in a narrow range for a second week, around $91.50 Friday, up fractionally from a week earlier but well below the $105+ mid-September and $115 early-April peaks.

• Fed's rate outlook — FOMC minutes showed policymakers anticipate possibly raising rates again before year-end, though timing was unclear. The Fed hiked in mid-September for the first time since 2023; next meeting ends October 28.

• Sentiment sours — Michigan consumer sentiment fell to a preliminary October reading of 46.3, down from 48.1 in September and 51.7 in August—the lowest in five months, though still above the May 2026 record low of 44.8.

• Small caps lag again — Russell 2000 down a cumulative 5.7% over the past five weeks, versus a 1.0% gain for the large-cap index, amid concerns about elevated interest rates.

• CPI report ahead — September CPI due Wednesday, a major data point ahead of the October 28 FOMC meeting. August CPI was 3.4% annual rate, unchanged from July and still well above the Fed's 2.0% target.

2. US Market – SPX gains 1.15% as mega-cap tech and Amazon rally offset semiconductor weakness

The S&P 500 Index (SPX) gained 1.15% and closed at 7,811.54, as strength in mega-cap tech and Amazon offset sharp declines in Intel, memory chips, and AMD. The index extended its recovery above the 7,800 level.

Industry leaders: Data Processing & Outsourced Services (+49.62%), Telecom Tower REITs (+14.48%), Alibaba Concept (+5.14%), and NFT Concept (+5.67%).

10 Popular Stocks:

• $Amazon.com(AMZN)$+4.34% — The e-commerce and cloud leader surged on AWS revenue stability and Prime Day momentum.

• $Microsoft(MSFT)$ +3.39% — The cloud and AI giant advanced on Azure growth stabilization and Copilot adoption.

• $Tesla Motors(TSLA)$ +3.27% — The EV maker bounced back on robotaxi optimism and delivery stabilization.

• $Apple(AAPL)$ +0.88% — The iPhone maker edged up on services revenue growth.

• $Meta Platforms, Inc.(META)$ -1.29% — The social-media giant declined on ad-spending concerns.

• $NVIDIA(NVDA)$ -2% — The AI chip leader pulled back on profit-taking.

• $Micron Solutions, Inc.(MICR)$ e chipmaker collapsed on restructuring execution risks and foundry profitability concerns.

*Performance is subjected to market

3. Hong Kong Market – HSI gains 1% as energy and banks offset retail carnage

HSI: The Hang Seng Index gained 1% and closed at 24,211.35, as strength in energy majors, Chinese banks, and Fast Retailing offset a sharp decline in Golden Eagle Retail. The index held above the 24,000 level.

The HSTECH edged up 0.96% and closed at 4,197.84.

Industry leaders: Leisure Facilities (+26.68%), Cosmetic Beauty (+14.40%), Security & Alarm Services (+9.12%), Oil & Gas Storage & Transportation (+8.37%), and Motorcycle Manufacturers (+7.45%).

9 Popular Stocks:

• $FAST RETAIL-DRS(06288)$ +9.71% — The UNIQLO operator's depositary receipt surged on China same-store sales stabilization and Southeast Asia expansion momentum.

• $PetroChina Co., Ltd.(PCCYF)$+3.31% — The upstream energy major advanced on firm Brent crude and OPEC+ supply discipline.

• $BANK OF CHINA(03988)$ +3.46% — The state-owned lender rose on defensive dividend-yield positioning.

• $CATL(03750)$+3.06% — The battery giant bounced back on EV battery order resilience.

• $China Merchants Bank Co.,Ltd.(600036)$ +3.16% — Advanced on improving wealth-management fee income.

• $Industrial and Commercial Bank of China Ltd.(IDCBF)$ +2.98% — Gained on income-investor demand for high-dividend financials.

• $Tencent Holding Ltd.(TCEHY)$+0.85% — The internet giant eked out a gain on gaming sentiment stabilization.

• $HSBC HOLDINGS(00005)$ -2.88% — The banking heavyweight pulled back on profit-taking after recent strength.

• $Golden Eagle Retail Group Ltd.(GDNEF)$ -9.1% — The department store operator was the week's worst performer, collapsing on China consumer-spending slowdown and margin compression.

*Performance is subjected to market

4. Singapore Market – STI tumbles 4.13% as banking-sector rout drags the index below 5,500

The Straits Times $Solidion Technology Inc.(STI)$ plunged 4.13% and closed at 5,401.89, as a brutal selloff across all three local banks and the STI ETF overwhelmed modest gains in gloves, energy, and tech SDRs. The index broke decisively below the 5,500 support level amid broad-based risk-off sentiment and regional financial-sector rotation.

Sectors: $SpecializedConsumer Services (+18.18%) led on travel and lifestyle demand. Environmental & Facilities Services (+11.21%) advanced on smart-city capex. Specialized Finance (+6.24%) gained on fintech resilience, while Semiconductor Equipment (+6.03%) and Heavy Electrical Equipment (+5.69%) tracked global AI infrastructure tailwinds.

10 Popular Stocks:

• $Top Glove(BVA.SI)$ +10.42% — The rubber glove manufacturer bounced back from recent lows on oversold technicals and sector consolidation hopes.

• $Xiaomi HK SDR 2to1(HXXD.SI)$ +7.11% — The consumer electronics and EV player's SDR rallied on EV delivery momentum and AIoT ecosystem traction.

• $PetroCN HK SDR 1to2(HPCD.SI)$ +3.56% — The oil major's SDR advanced on firm Brent crude and OPEC+ supply discipline, offering a defensive haven.

• $Wilmar Intl(F34.SI)$ +2.31% — The agribusiness giant edged up on resilient food-products demand and defensive positioning.

• $SIA(C6L.SI)$ -1.35% — The national carrier slipped alongside the broad market despite resilient passenger demand.

• $SGX(S68.SI)$ -1.24% — The bourse operator tracked the index lower as trading volumes failed to offset the banking-sector drag.

• $SS SPDR STI ETF(ES3.SI)$ -3.85% — The STI-tracking ETF declined in line with the benchmark's heavy selloff.

• $DBS(D05.SI)$ -4.99% — Singapore's largest bank tumbled on profit-taking after its recent run to record highs, with NIM normalization fears resurfacing.

• $UOB(U11.SI)$ -7.31% — The third-largest local bank slumped on ASEAN commercial-banking margin concerns and deposit competition.

• $OCBC Bank(O39.SI)$ -8.4% — The banking heavyweight was the week's worst large-cap performer, collapsing on record non-interest income profit-taking and regional credit growth deceleration concerns.

Performance is subjected to market volatility

5. Australian Market – XJO edges up 0.4% as healthcare and energy offset bank and iron ore weakness

The S&P/ASX 200 Index (XJO.AU) gained 0.4% to 8,716.6 over the week, as strength in healthcare, property, insurance, and energy offset declines in the Big Four banks and pure-play iron ore miners. The index held above the 8,700 level amid mixed sector rotation.

Industry leaders: Technology Hardware, Storage & Peripherals (+33.33%) led on AI-driven storage demand and edge-computing momentum. Soft Drinks (+29.41%) surged on consumer staples resilience and defensive positioning. Oil & Gas Equipment & Services (+25.00%) advanced on offshore rig utilization and energy capex recovery. Home Furnishings (+12.24%) tracked residential market stabilization, while Restaurants (+8.16%) benefited from consumer reopening and holiday travel demand.

10 Popular Stocks:

• $QBE INSURANCE GROUP LTD(QBE.AU)$ +5.63% — The global insurer surged on resilient premium pricing, improving combined ratio trends, and favorable catastrophe loss experience across its international operations.

• $GOODMAN GROUP(GMG.AU)$ +4.82% — The industrial and data-centre property giant advanced on AI-driven logistics demand, new development starts, and continued rental growth ahead of inflation across its global warehouse portfolio.

• $CSL LIMITED(CSL.AU)$ +4.84% — The biotech heavyweight rallied on plasma-collection volume recovery, CSL Behring pricing momentum, and strong R&D pipeline visibility.

• $WOOLWORTHS GROUP LTD(WOW.AU)$ +3.23% — The supermarket giant rose on defensive positioning and resilient grocery demand, offering a consumer staples haven amid market uncertainty.

• $WOODSIDE ENERGY GROUP LTD(WDS.AU)$ +3.46% — The oil & gas producer advanced on firm Brent crude and LNG spot pricing resilience, with the Scarborough project timeline supporting sentiment.

• $SANTOS LIMITED(STO.AU)$ +2.69% — The pure-play oil & gas explorer gained on production momentum and PNG project progress, tracking the broader energy complex higher.

• $COMMONWEALTH BANK OF AUSTRALIA(CBA.AU)$ -1.43% — The banking heavyweight edged lower on ongoing mortgage-pricing competition and funding-cost pressures, with the sector facing NIM compression headwinds.

• $Rio Tinto Ltd(RIO.AU)$ -1.48% — The diversified miner slipped on Pilbara iron ore shipment concerns and copper profit-taking after recent strength.

• $NATIONAL AUSTRALIA BANK LTD(NAB.AU)$ -2.13% — The business-focused lender declined on SME credit tightening concerns and commercial-property exposure worries.

• $FORTESCUE CTWNV26RW(FMGIOD.AU)$ -5.25% — The pure-play iron ore miner was the week's worst large-cap performer, tumbling on China property-sector weakness, falling 62% Fe prices, and concerns over its green-energy pivot execution.

Performance is subjected to market volatility

The Week Ahead: Oct 12-16

Macro Events in Focus

Monday, Oct 13

• Columbus Day Holiday — Fixed-income markets are closed. Equity markets remain open, but expect thinner liquidity and potentially muted price action in rate-sensitive sectors.

Wednesday, Oct 15

• September CPI (BLS) — The headline inflation print arrives after last week's softer PCE data. Markets will focus on the core CPI trajectory and any shelter or services components that could complicate the Fed's easing calculus.

• Fed Beige Book — The Fed's qualitative economic snapshot offers a regional lens on business conditions, hiring, and pricing pressures across the twelve districts. Look for any post-payrolls softening in labor market anecdotes.

Thursday, Oct 16

• September PPI — Producer price inflation will signal whether pipeline cost pressures are building or fading, with implications for downstream consumer pricing.

• September Retail Sales — A critical real-time gauge of consumer health. Following the weak jobs report and elevated mortgage rates, this print will reveal whether household spending resilience is cracking.

uesday, Oct 14 — Big Bank & Healthcare Bonanza

• $JPMorgan Chase(JPM)$ (JPMorgan Chase) — The sector bellwether. Investment banking recovery, net interest income trajectory, and credit reserve build commentary will set the tone for the entire financials sector.

• $Goldman Sachs(GS)$ (Goldman Sachs) — Trading and advisory revenues in focus; FICC performance and asset management flows will drive the narrative.

• $Citigroup(C)$ (Citigroup) — Continued restructuring progress, expense discipline, and international consumer banking trends under scrutiny.

• $Wells Fargo(WFC)$ (Wells Fargo) — Net interest income sensitivity, auto and commercial real estate credit quality, and regulatory overhang updates.

• $UnitedHealth(UNH)$ (UnitedHealth) — The managed care giant faces questions on Medicare Advantage margins, utilization trends, and the impact of the Change Healthcare cyberattack.

• $Johnson & Johnson(JNJ)$ (Johnson & Johnson) — MedTech recovery momentum, pharmaceutical pipeline updates, and talc litigation overhang.

• $Domino's Pizza(DPZ)$ (Domino's Pizza) — U.S. same-store sales, international expansion, and delivery demand elasticity amid a slowing consumer.

• $Albertsons Companies, Inc.(ACI)$ (Albertsons) — Grocery sector pricing, private-label growth, and competitive dynamics with Walmart and Kroger.

Wednesday, Oct 15

• $ASML Holding NV(ASML)$ (ASML Holding) — The lithography monopoly's bookings and China export restriction commentary remain the most-watched semiconductor datapoints globally.

• $Taiwan Semiconductor Manufacturing(TSM)$ (Taiwan Semiconductor) — Note: Image references Thursday — Advanced node demand (3nm/2nm), AI chip capacity allocation, and capex guidance.

• $Bank of America(BAC)$ (Bank of America) — Consumer banking deposit trends, credit card delinquency normalization, and investment banking fee recovery.

• $Morgan Stanley(MS)$ (Morgan Stanley) — Wealth management net new assets, investment banking backlog, and trading revenues.

• $BlackRock(BLK)$ (BlackRock) — AUM flows, ETF dominance, and Aladdin platform growth amid volatile markets.

• $State(STT)$ (State Street) — Custody asset flows, servicing fees, and securities finance trends.

• $Progressive(PGR)$ (Progressive) — Premium growth, combined ratio trends, and auto insurance pricing power.

• $Fastenal(FAST)$ (Fastenal) — Industrial end-market demand proxy; manufacturing and construction spending indicators.

Thursday, Oct 16

• $Bank of New York Mellon(BK)$ (Bank of New York Mellon) — Asset servicing and treasury services revenues; securities lending and FX volatility tailwinds.

Friday, Oct 17

• $Regions(RF)$ (Regions Financial), CFG (Citizens Financial), MTB (M&T Bank), TFC (Truist Financial) — Regional bank earnings round out the week. Net interest margin compression, deposit beta shifts, and commercial real estate credit quality will dominate.

• $Travelers(TRV)$ (Travelers) — Catastrophe loss estimates, pricing momentum in commercial lines, and investment income trends.