U.S. Stocks Modestly Down While Asian Markets Rebound

 

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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 Apr 18, U.S. stocks finished the holiday-shortened week modestly lower(markets were closed Friday in observance of the Good Friday holiday), with the S&P 500(SPX) down 1.5%, and the tech-heavy Nasdaq(COMP) down around 2.6%. For the full year, the SPX is now down about 10.2%, while the Nasdaq is lower by around 15.7%. The move last week was driven once again by tariff uncertainty. New export restrictions on semiconductors to China put pressure on large U.S. semi companies like NVIDIA. In addition, Fed Chair Powell reiterated that the Fed is likely to remain patient on rate cuts, given that tariffs potentially weigh on both inflation and economic growth. Refer to below major indexes performance table for the week.

Key highlights for the week and next:

1.    U.S. to add new restrictions on the exports of chips in a further escalation of the ongoing trade was between U.S. and China. The news sent shares of NVIDIA, Advanced Micro Devices, and other companies with artificial intelligence exposure lower on Wednesday, weighing on the broader sector. 

2.    Policy uncertainty weighs on housing market. On Wednesday, the National Association of Home Builders (NAHB) Housing Market Index reported that the index—which gauges the overall sentiment of homebuilders—was 40 in April, inching up one point from March but remaining under the threshold of 50, indicating that a majority of homebuilders have a negative outlook on the market. Housing starts data also indicated that construction of new homes decreased by over 11% in March to an annualized rate of 1.32 million, falling short of consensus estimates for 1.42 million. 

3.    Treasuries rebounded some from the prior week’s sell-off that was sparked by heightened uncertainty around global trade. 

 

SPX sectors in play

Five out of the 11 SPX sectors recorded weekly gains. Defensive sectors outperformed the growth.  Energy(XLE) and Utilities(XLU) were among top gainers while Technology(XLK) and Consumer Discretionary(XLY) lagged. Refer to below SPX sectors ETF weekly performance table.

Indexes technical levels

The whole week the SPX index was trading within its Apr 9 giant 532-points day range 4948-5480, continue watching this range to be breakout for further market direction going forward. Click below three indexes for their weekly charts.

DJI weekly chart

SPX weekly chart

Nasdaq weekly chart

China/HK

China stock markets advanced for the week amid expectations that Beijing will ramp up stimulus to blunt the impact of higher U.S. tariffs. The Shanghai Composite Index(SSE) added 1.19% while the blue chip CSI 300 rose 0.59%. In Hong Kong, the benchmark Hang Seng Index advanced 2.30%. (refer to the above weekly performance table).

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

1.    China’s gross domestic product (GDP) expanded 5.4% in the first quarter from a year earlier, the country’s statistics bureau said on Wednesday. The better-than-expected increase gave little comfort for policymakers, however, as it reflected growth before higher U.S. tariffs kicked in earlier this month and was driven by front-loaded shipments from buyers seeking to get ahead of the tariff hikes, according to analysts. The impact of the U.S. levies on China will likely become apparent in the coming months following the Trump administration’s decision to raise total tariffs on most Chinese goods to 145%. 

2.    Many global banks in recent days have ratcheted down their 2025 growth forecasts for China over doubts that Beijing can meet its official GDP target of around 5% growth. However, the U.S.-sparked trade war has fueled expectations that China will deploy further stimulus measures in the near term. A meeting by the ruling Communist Party’s Politburo at the end of April will likely offer more insight into officials’ thinking regarding the size and timing of any economic stimulus, Bloomberg reported. 

Refer to below .HSI stocks top 40 performance of the week.

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

SSE weekly chart

.HSI weekly chart

Singapore

The Straits Times Index (STI) surged 5.92% to close at 3720.33 this week, making a strong rebound after recent volatility. The strong rebound was attributed to a recovery in sentiment following earlier declines linked to global trade tensions and tariff announcements. Key blue-chip stocks, particularly in the Finance and banking and industrial sectors, contributed to the gains, with notable performances from companies like ST Engineering.

In particular, SingTel and ST engineering break record in the week while SGX closed near its all-time high. The trio banks added from 6.5% to 7.3% in the week. Refer to below table for STI index stocks weekly performance.

Click below for STI weekly chart.

STI weekly chart

Source: Some contents and data excerpted from various public market reports. Please comment to claim copyright ownership of any material, and I will remove it if necessary.