U.S stocks Rebounded to Near Record Highs, Bitcoin Climbs to Record

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Main Content:

1.    Major indexes weekly performance 

2.    U.S stocks weekly wrap 

3.   S&P 500 sector index weekly/month performance 

4.    China/Hong Kong stocks weekly wrap 

5.    Singapore stocks weekly wrap 

6.   Major indexes weekly chart and technical support & resistance levels

U.S.

For the week of Nov 22, major indexes finished the week higher, recovering some of the previous week’s losses despite some continuing uncertainty around the incoming Trump administration’s policies and escalating geopolitical tensions stemming from the conflict between Russia and Ukraine. Similarly, the price of Bitcoin continued its postelection rally and notched its third consecutive week with a gain exceeding 10%. Intra-week high of Bitcoin hit $99,800, just a shy of $100k. Refer to below major indexes performance table for the week.

Key highlights for the week and next:

1.    Light economic calendar for the week, NVIDIA(NVDA)’s Q3  earnings released on Wed was in focus. Shares of the chip giant ended the week little changed as investors appeared to be generally satisfied with the results, although the company’s guidance for the fourth quarter was lighter than some analysts expected. 

2.    Labour market is strong. Latest initial jobless claims fell to 213k from prior week and the lowest number since Apr 2024. 

3.    Stocks are on track to finish the year strong. Heading into 2025, tariffs are likely to be a source of uncertainty if implemented.  

SPX sectors in play

All 11 SPX sectors recorded weekly gain. The utilities sector(XLU) outperformed as commentary on NVIDIA’s earnings call seemed to drive optimism around rising artificial intelligence-driven demand for clean energy. Communication services(XLC) stocks lagged, driven in part by a drop in shares of Google parent Alphabet(GOOGL) following reports of the Justice Department filing a proposal to break up the internet search giant. Refer to below SPX sectors ETF weekly performance table.

Indexes technical levels

All the three major indexes Dow, SPX and Nasdaq Composite rebounded from prior week’s retreat. Click below three indexes for their weekly charts.

DJI weekly chart

SPX weekly chart

Nasdaq weekly chart

China/HK

China stocks declined as a light economic calendar and concerns about the incoming Trump administration curbed risk appetites. The Shanghai Composite Index(SSE) fell 1.91%, while the blue chip CSI 300 gave up 2.6%. In Hong Kong, the benchmark Hang Seng Index lost 1.01%. (Refer to the above weekly performance table).

Key highlights for the week and outlook for China/HK:

1.    Chinese banks left their one- and five-year loan prime rates unchanged at 3.1% and 3.6%, respectively. The move was largely anticipated after banks slashed the benchmark lending rates by a greater-than-expected 25 basis points in October, making it cheaper for consumers to take out mortgages and other loans. 

2.    Beijing has unveiled a slew of stimulus measures since late September to boost the ailing housing sector and revive consumer demand. Officials have signaled further easing measures in the near term, including potentially cutting the reserve requirement ratio for domestic banks. However, some analysts believe that policymakers will wait until President-elect Donald Trump takes office in January and U.S. policies become clearer. 

3.    China's youth unemployment rate eased for the second straight month since August, when it hit its highest level this year. The jobless rate for 16- to 24-year-olds, excluding students, came in at 17.1% in October, down from 17.6% in September, according to official data.

Click below SSE and .HSI indexes for their weekly charts. 

SSE weekly chart

.HSI weekly chart

Singapore

STI index (STI) inched higher this week, recorded 3^rd weekly winning streak. The index hit intra-week record high of 3766.93 level. SGX was the top gainer with 11.65% remarkable rise. Partly due to its derivatives daily average volume (DAV) hit record high in Oct 2024, as reported. Refer to below index stocks weekly performance.

Click below for STI weekly chart.

STI weekly chart

Source: Some contents and data excerpted from various public market reports.