On the macroeconomic front, the month-over-month growth rate for U.S. durable goods orders improved in November 2025. U.S. durable goods orders increased by 5.3% compared to the previous month, showing improvement from the prior reading of -2.1%; orders for non-defense capital goods excluding aircraft rose by 0.4%, higher than the previous value of 0.2%; durable goods orders excluding transportation increased by 0.4%, slightly lower than the prior figure of 0.5%.
The U.S. Conference Board Consumer Confidence Index for January 2026 fell significantly below expectations. The index dropped to 84.5, down from the previous 94.2, marking its lowest level since May 2014; the Present Situation Index declined to 113.7, while the Expectations Index fell to 65.1 (a reading below 80 typically signals recession risk), reflecting heightened consumer concerns about the economic outlook and job market, indicating a notable deterioration in confidence.
The U.S. FHFA House Price Index showed a month-over-month rebound in November 2025. The index increased by 0.6%, surpassing the expected 0.3% and the previous reading of 0.4%.
II. Major Index Performance and Related Information
Weekly Index Performance
For the week of January 26th to 30th, the S&P Oil & Gas Exploration & Production Select Industry Index rose 3.72% for the entire week, while the Nasdaq 100 Index fell 0.21% for the week. The S&P 500 Index gained 0.34% over the week, with 7 out of its 11 constituent sectors advancing. The S&P 500 Energy sector led gains, up 3.88%, while the S&P 500 Health Care sector was the biggest decliner, down 1.73%.
Data Source: Wind
Allocation Recommendations
U.S. Stocks: U.S. equities experienced volatility last week, with gold and silver retreating sharply after hitting new highs. Donald Trump nominated Kevin Warsh as a candidate for Federal Reserve Chair; Warsh advocates for interest rate cuts combined with medium-to-long-term balance sheet reduction, leading to a slight increase in market expectations for rate cuts, with the timing of the first cut still likely in June. Economic data remained robust, with initial jobless claims holding at low levels and the growth rate for durable goods orders improving sequentially. Regarding the Q4 earnings season, 33% of S&P 500 companies have reported, with 75% exceeding expectations, slightly below the 82% beat rate in Q3 2025. S&P 500 earnings growth for 2026 is projected to remain at 12%. This week, focus remains on the ongoing quarterly earnings reports and economic data releases such as the PMI.
The U.S. S&P 500 Index is internationally recognized as a bellwether for the U.S. stock market, covering over 500 representative listed companies across 11 sectors, primarily concentrated in large-cap stocks, representing approximately 80% of the total U.S. stock market capitalization.
The Bosera Nasdaq 100 ETF (513390) is a domestic product tracking the U.S. Nasdaq 100 Index. According to data from the Nasdaq Index website, in terms of sector distribution, the Information Technology sector constitutes 57.87%, serving as the primary component of the index. Additionally, the index has allocations to sectors such as Consumer Services, Consumer Goods, and Health Care. The top ten constituents of the index are all high-quality, high-tech companies.
Data Source: Bloomberg The information in this report is derived from publicly available sources. Our company makes no warranty regarding the accuracy or completeness of this information. Under no circumstances shall the information or opinions expressed in this report constitute the actual investment results of our company, nor do they constitute any investment advice for investors.
Unless otherwise specified, data in this report is sourced from Wind, with a cut-off date of January 30, 2026. The copyright of this report belongs to Bosera Asset Management Co., Ltd. Investing involves risks, please choose carefully. Bosera S&P 500 ETF (513500) Risk Level: Medium-High Bosera Nasdaq 100 ETF (513390) Risk Level: Medium-High Dear Investor: Funds carry risks, investing requires caution. Publicly offered securities investment funds (hereinafter referred to as "Funds") are long-term investment tools whose primary function is to diversify investments and reduce the specific risks associated with investing in a single security. Funds differ from financial instruments like bank savings that can provide fixed income expectations. When you purchase a fund product, you may share in the investment returns generated by the fund based on your held shares, but you may also bear the losses resulting from the fund's investments.
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