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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.
The weakness partly reflected concerns in the technology sector, as a strong earnings report from NVIDIA failed to stem the correction across tech stocks, with investors taking profits amid ongoing “bubble” chatter. The tech-heavy Nasdaq Composite (COMP) recorded the largest losses, while the large-cap S&P 500 Index (SPX) finished about 4.4% below the record high reached in late October. A sharp rebound during volatile trading on Friday helped trim the deeper losses seen earlier in the week. Refer to below major indexes weekly performance.
Key highlights for the week and next:
1. On Thursday, SPX had a 3.49% swing from day high to close, and Nasdaq swung a stunning 500bps from high to low ending not far off the lows. Since 1957 there have been 8 instances where the S&P 500(SPX) gaps up more than 1% only to reverse and close in the red. On the bright side here is SPX’s average performance after these 8 instances: 1 day later +233bps, 1 week later +288bps, 1 month later +472bps.
2. Fed’s next move on interest rates. Ambiguity around the Fed’s policy path remains unhelpful, with the central bank struggling to obtain a clear read on the economy due to shutdown-related data disruptions. According to CME Group futures data, as of Friday there was nearly a 70% probability of a rate cut at the next meeting, up from 44% a week earlier.
3. NVIDIA beats expectations, but investors remain cautious. NVIDIA, the largest company in the S&P 500 by market cap, reported record revenue and issued a stronger-than-expected fourth-quarter forecast driven by robust AI chip demand, yet investors remained wary.
4. Delayed jobs report paints a mixed picture. The long-delayed September jobs report showed stronger-than-expected job gains of 119k, but the unemployment rate rose to 4.4%, the highest in four years. The BLS said the next report, covering November, will be released on December 16, while the October report has been cancelled.
SPX sectors in play
Only three of the eleven S&P sectors posted gains for the week. Defensive areas outperformed, led by Health Care (XLV), which advanced 1.83%, and Consumer Staples (XLP), up 0.83%, while Communication Services (XLC) eked out a modest 0.51% gain.
Most other sectors finished lower, with weakness concentrated in rate-sensitive and growth-oriented segments. Technology (XLK) was the biggest laggard, falling 5.19%, reflecting profit-taking and valuation concerns. Energy (XLE) declined 2.83% amid softer crude prices, while Consumer Discretionary (XLY) slipped 2.33%, weighed down by mixed spending signals. Broader benchmarks tracked this risk-off tone, with the SPY down 1.92% on the week. Refer to below SPX sectors ETF weekly performance table.
Indexes technical levels
All three major indexes posted weekly losses ranging from 1.91% to 2.74%, marking a concerning technical shift as each closed below their respective 50-day moving averages—a warning sign for potential weakness ahead. Click below three indexes for their weekly charts.
China/HK
Mainland China stock markets recorded a weekly loss, mirroring the drop on Wall Street, as investor concerns about frothy valuations in AI-focused names dampened risk appetite. The Shanghai Composite Index(SSE) sank 3.90% and the blue-chip CSI 300 fell 3.77%. Friday marked the second week of declines for the CSI 300 Index, which rose to its highest level in almost four years earlier in November amid optimism about China’s technology development. In Hong Kong, the benchmark Hang Seng Index dropped 5.09%.
Key highlights for the week and outlook for China/HK:
1. China's government is considering new measures to revive its ailing property market amid concerns that further weakness could destabilize the financial system, Bloomberg reported. Measures under consideration include providing mortgage subsidies nationwide for first-time buyers, raising income tax rebates for mortgage borrowers, and cutting home transaction costs.
2. The proposed measures come as China's housing market slump deepened in its fourth year. New home prices in 70 cities (excluding state-subsidized housing) fell in October at the fastest pace in a year, while existing home values recorded the biggest drop in 13 months. The property downturn has become a major growth headwind and worsened the deflation that has stalked the economy since early 2023. Last month, Fitch Ratings projected further weakness in China's property sector in 2026 and warned the crisis could lead to further deterioration in asset quality for China's banks.
Refer to below Hang Seng Index stocks’ weekly performance table.
Click below for SSE and .HSI weekly chart.
Singapore
The Straits Times Index (STI) fell 1.69% to close at 4469.14 this week, snapping a multi-week winning streak as selling pressure broadened across the market. All but three index components posted losses for the week, with weakness concentrated in property, logistics, and industrial sectors. Refer to below STI index stocks’ weekly performance.
Click below for 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.
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