U.S. Stocks Hit Record Highs for Second Straight Week

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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 Jul 4, U.S. stocks finished the holiday-shortened week higher. The S&P 500 Index(SPX) and Nasdaq Composite(COMP) both closed at all-time highs for the second week in a row, gainer 1.7% and 1.6% respectively, while the Dow Jones Industrial Average(DJI) advanced 2.30%. U.S. markets closed early Thursday and were closed Friday for a public holiday. Refer to below major indexes weekly performance tables.

Monthly Index performance for June as follows:

Key highlights for the week and next:

1.    Much of the focus this week centered around Trump’s “ Big Beautiful Bill”, which he signed into law in July fourth Independent Day ceremony. 

2.    Trade related headlines in the week. A trade deal reached with Vietnam and making comments around negotiations with other countries ahead of Jul 9 tariff deadline, when the 90-day pause on reciprocal tariffs is expected to end. 

3.    U.S. economy data shows job growth remains resilient. Non-farm payroll data shows there were 147k jobs added in June, beat expectation. Meanwhile ISM manufacturing PMI was 49% in June, up from May’s reading of 48.5%. Services PMI was 50.8% in June, returned to growth after contracting for the first time in 11 months in May. 

SPX sectors in play

All the 11 SPX sectors recorded weekly gains, Technology(XLK) and Materials (XLB) led gains, while Communication Services(XLC) lagged after previous week’s strong gain, it registered record highs for 2^nd straight week. Refer to below SPX sectors ETF weekly performance table.

Indexes technical levels

We have wrapped up 1^st half of the year and entering 2H in a very bullish note. Stock markets finished the 1H at all-time highs, while the SPX and COMP are both higher by more than 6% YTD. Click below three indexes for their weekly charts.

DJI weekly chart

SPX weekly chart

Nasdaq weekly chart

China/HK

Mainland China stock markets rose for the week ended Thursday. The Shanghai Composite Index(SSE) added 1.40% and the blue-chip CSI 300 gained 1.54%. In Hong Kong, the benchmark Hang Seng Index lost 1.52%. (refer to the above weekly performance table).

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

1.    The official manufacturing purchasing managers’ index improved in June to 49.7 from May’s 49.5 reading, China’s statistics bureau reported Monday. The latest manufacturing PMI reading captured the first full month after the U.S. and China agreed in May on a 90-day pause in their tariff war, which led to a temporary rebound in trade. Though the gauge stayed below the 50.0 reading that separates growth from contraction, it beat economists’ forecasts and raised doubts about whether Beijing would step up stimulus measures in the near term. 

2.    The Caixin China General Services PMI fell to 50.6 in June, a nine-month low, from May’s 51.1 reading, missing forecasts. Despite remaining in expansionary territory, June’s growth pace was the softest since last September as the pace of new business growth slowed, Caixin said in a statement. A gauge of employment fell for the third time in the past four months as service providers remained cautious about hiring.

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) gained another 1.2% to close at 4013.62 point this week. Registered historical high after two-week straight up. Maybank Securities raised 2025E STI target to 4185 level on its 25 June update.

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.