Weekly: Indexes Extend Losing Streak, Energy Outperforms, Jobs Data & Good Friday Ahead

Last Week's Recap

1. U.S. Market Summary Indexes Extend Losing Streak, Energy Leads Broad Weakness

• NASDAQ, Dow corrections: Major indexes fell for a fifth straight week. NASDAQ -3.2%, S&P 500 -2.1%, Dow -0.9%.

• Style reversal: Growth stocks underperformed value; growth -13% YTD vs value slightly positive.

• Small beats large: $iShares Russell 2000 ETF(IWM)$ +0.5% weekly, $iShares Russell 1000 ETF(IWB)$ -2.0%.

• Burst of energy: Energy stocks $Energy Select Sector SPDR Fund(XLE)$ +6% weekly; +13% since Mar 1, +41% YTD, supported by oil & gas price gains.

• Sentiment slips: U.S. consumer sentiment dropped to 2026 low, reversing recent improvements.

• Yields rise again: 10-year U.S. Treasury yield hit 4.43%, highest in over 8 months.

• Jobs ahead: March jobs report due Friday; Feb saw 92,000 job losses, third decline in five months.

  

2. The US Sectors & Stocks - Geopolitics Hit Tech While AI, Autos and Optical Names Trade on Fundamentals

Sectors: Middle East tensions and oil volatility led the S&P 500 and Nasdaq 100 to fall 2.12% and 3.23% respectively. High-valuation AI and tech sectors retracted, while traditional energy stocks strengthened alongside rising oil prices.

• $Tesla Motors(TSLA)$ : -1.7%, 2nm Terafab chip project with xAI/SpaceX for 2027 raised capex concerns; SpaceX merger rumors sparked dilution fears

• $Oracle(ORCL)$ : -6.7%, Microsoft’s takeover of a 700MW Texas data center project raised competition worries and cloud market share doubts

• $Micron Technology(MU)$ : -15.5%, Google’s TurboQuant tech sparked fears of weaker storage hardware demand, dragging the sector lower

• $Pony AI Inc(PONY)$ : -13.2%, 2025 revenue +20%, Robotaxi income +129%; company focuses on 2026 “Dual-Engine Strategy” for 3,000 global taxis

• $Applied Optoelectronics(AAOI)$ : +12.2%, won new 800G optical transceiver orders from large cloud providers; strong call option activity on AI infrastructure spending

• $Chewy, Inc.(CHWY)$ : +11.8%, fiscal 2025 net sales $12.6B (+6.2%), margin 29.8%, adjusted EPS $1.27, showing improving profitability

• $Hesai Group(HSAI)$ : -19.3%, Q4 2025 revenue +39%, net profit +6.2% with positive 2026 Q1 shipment outlook; share still dropped sharply

• $PDD Holdings Inc(PDD)$ : +3.8%, 2025 revenue over RMB430B, net profit dipped on investments; management plans RMB100B brand self-operation investment in 3 years

• $Legence Corp.(LGN)$ : +12.1%, Q4 2025 revenue +34.6%, net profit +53%; core backlog hit $3.7B, up 49% YoY

• $Argan(AGX)$ : +19.5%, fiscal Q4 2026 results beat estimates; J.P. Morgan upgraded to Overweight with PT raised to $550

• $REX American Resources(REX)$ : +23.3%, fiscal 2025 EPS at record $2.50, strong profit elasticity drew heavy capital inflows

• $Precigen(PGEN)$ : +11.9%, PAPZIMEOS approved by FDA in 2025; first full commercial quarter (Q4) delivered $3.4M net revenue

3. Hong Kong Market - HSI slipped 1.29% as geopolitics hit risk appetite

HSI & HSTECH: The $HSI(HSI)$ fell 1.29% and closed at 24951.88 last week, with the $HSTECH(HSTECH)$ down 1.94%. The global risk-off triggered by U.S.–Iran tensions and a sharp sell-off in tech, gold and insurance names dragged the market lower.

• $WERIDE-W(00800)$ : +21.57%, strong Q4 beat; issued over 100 million Class A shares for 2026 equity incentive plan.

• $XUNCE(03317)$ : +28.23%, 2025 revenue +103.3%, gross profit +63.4%.

• $MEITUAN-W(03690)$ +8.53%, 2025 revenue ~RMB365B (+8.1%); launched LongCat‑Next multimodal model, continued AI R&D.

• $KINGSOFT CLOUD(03896)$ : +4.28%, parent Kingsoft 2025 revenue +15.8%, net profit +15.8% to RMB1.8B.

• $CNOOC(00883)$ : -4.34%, 2025 revenue -5.3%, net profit -11.5%.

• $SMIC(00981)$ : -7.73%, chip sector sell-off, leveraged short semiconductor ETFs up over 14%, overshadowing fundamentals.

• $KUAISHOU-W(01024)$ : -14.35%, 2025 revenue ~RMB143B (+12.5%); strong results overwhelmed by surging put-option activity.

• $POP MART(09992)$ : -28.63%, 2025 revenue +184.7% to RMB37.1B; slightly missed high expectations, non‑LABUBU IP underperformed.

• $HESAI-W(02525)$ : -14.13%, Q4 2025 revenue RMB1.001B (+39%), net profit RMB153M (+4.2%).

• $MIXUE GROUP(02097)$ : -15.3%, 2025 revenue RMB33.56B (+35.2%), net profit ~RMB5.9B (+33%); pressured by profit-taking and consumption sector volatility.

• $CHINA LIFE(02628)$ : -11.22%, Q4 loss RMB13.7B; insurance sector sold off amid geopolitical risk-off.

• $LAOPU GOLD(06181)$ : +1.0%, 2025 revenue +221% to RMB27.3B, profit +230.5% to RMB4.9B; volatile weekly trading.

4. Singapore Market - STI slipped 1.02% as selective Singapore stocks defied the downturn

STI: $Straits Times Index(STI.SI)$ fell 1.02% and closed at 4,898.18, as broad market sentiment softened even while pockets of strength emerged in brokers, tech and transport plays, underscoring a highly selective risk-on tone.

• $AEM SGD(AWX.SI)$ : +10.98%, announced private placement of 3.35m shares at S$3.591 to an ASE Technology subsidiary, raising ~S$12m. Partnership to combine AEM’s testing tech with ASE’s manufacturing for AI and HPC solutions.

• $PanUnited(P52.SI)$ : +9.27% weekly, outperformed weak market amid rotation into selected financials and brokerages.

• $Haw Par(H02.SI)$ : +7.42%, gained in down market as investors rotated into defensive, cash-rich stocks.

• $Sembcorp Ind(U96.SI)$ : +5.69%, supported by continued interest in resilient energy and utilities names.

• $Boustead(F9D.SI)$ : +5.03%, shareholders approved divestment of 19 industrial properties to new REIT at EGM. Expected fair value gain ~S$155m; ~S$258m cash to be realized.

• $AUTHORISED INVESTMENT FUND L(AIY.AU)$ : +4.89%, iFAST Global Bank raised fixed deposit rates for GBP, USD, HKD across tenors, expected to attract new deposits.

• $UOB(U11.SI)$ : -0.89%, repurchased 37,000 shares on Mar 20, 2026; cumulative buybacks 20,068,200 shares. Buyback support partially offset financial sector weakness.

• $SIA(C6L.SI)$ : +0.91%, added Singapore–London Gatwick flights (Mar 31–Aug 29) and adjusted capacity including A380 on Singapore–Melbourne, reflecting strong travel demand.

• $Nanofilm(MZH.SI)$ : -1.63%, reported strong FY2025 results: revenue +20%, profit +58%, final dividend declared, S$85m cash position; share price roughly flat for the week.

5. Australian Market - ASX 200 gains 1.04% amid market fluctuations

XJO: $S&P/ASX 200(XJO.AU)$ rose 1.04% and closed at 8516.3, driven by a mid-week rally and investor optimism despite mixed economic signals.

Sectors: Materials are Best performer; Strong gains in construction and engineering names(Industrials ;Rotation into high-quality defensive growth biotechs.

• $LYNAS RARE EARTHS LTD(LYC.AU)$ : +2.76%, supported by steady rare earth prices and long-term Japan supply contracts

• $ILUKA RESOURCES LIMITED(ILU.AU)$ : +7.05%, zircon & titanium prices rebounded, margin improvement supported gains

• $Citizens(CIA)$ : +13.53%, iron ore prices strengthened on China steel demand recovery

• $ORA BANDA MINING LTD(OBM.AU)$ : +41.82%, record gold prices and strong production beat drove sharp rally

• $IperionX Ltd(IPX.AU)$ : -33.21%, weak operational progress and risk-off sentiment hit speculative shares

• $SANDFIRE RESOURCES LTD(SFR.AU)$ : +1.79%, Macquarie exited its holding; copper volatility limited upside

• $AGL ENERGY LTD(AGL.AU)$ : +6.18%, coal prices rebounded and defensive yield appeal lifted the stock

• $Woodside Energy Group Ltd(WDS)$ : +1.26%, oil prices rose on Middle East supply risks

• $SANTOS LIMITED(STO.AU)$ : -0.38%, LNG price softness and higher costs pressured margins

• $NATIONAL AUSTRALIA BANK LTD(NAB.AU)$ : -7.86%, margin concerns and analyst downgrades weighed on shares

The Week Ahead

1. Macro Factors -Key Economic Data

This week is packed with high-impact economic data, especially around labor market and consumer health, which will heavily influence Fed rate hike expectations.

• 📊 Tuesday, Mar 31

  March Consumer Confidence Index, a key gauge of U.S. household sentiment.

  Job Openings and Labor Turnover Survey (JOLTS), offering insights into labor market tightness.

• 🛒 Wednesday, Apr 1

  February retail and food service sales data, a critical indicator of consumer spending strength.

• 💼 Friday, Apr 3

  Monthly jobs report, which includes non-farm payrolls and unemployment rate figures—this is a major market-moving release.

  Good Friday and Market Closure.

2. Earnings Spotlight: NKE, BITF ,SPCE

Earnings from Nike will offer insights into consumer discretionary spending, while Bitfarms’ results will reflect trends in crypto mining.

• $Nike(NKE)$ : High-profile consumer discretionary release, will signal global sportswear demand and retail trends.

• $Bitfarms Ltd.(BITF)$ : Crypto mining sector update, reflecting Bitcoin price and mining profitability trends.

• $Virgin Galactic(SPCE)$ : Commercial space travel progress update, tracking investor sentiment toward the sector.

• 🎁EPS Growth & Dividend Stars to Watch: PPD, CTAS, CCL, AVGO & More