Last Week's Recap
1 Minute Weekly Notes (3/3/25): AVGO, COST, PLTR, BUD, PSA...
The US Market - Stocks market closes volatile month in the red
U.S. stocks bounced back on Friday as fresh data signaled continued disinflation, with gains driven in part by index rebalancing and technical buying. However, the broader market closed out a turbulent week and a losing month.
The $NASDAQ(.IXIC)$ , weighed down by a steep 3.5% decline last week, tumbled nearly 4% in February—its worst monthly performance since April 2024. The S&P 500 slid nearly 1% for the week and 1.4% for the month, while the Dow managed a 1% gain on the week but still ended February down 1.6%.
The small cap index $iShares Russell 2000 ETF(IWM)$ was down more than 5% in February, more than double that of the $S&P 500(.SPX)$ ′s loss.
The Federal Reserve’s preferred inflation measure, the core PCE, fell to 2.6% in January—the lowest level in seven months and matching the lowest reading in nearly four years. Meanwhile, initial jobless claims jumped to 242,000 in the week ending Feb. 22, up from 220,000, with federal government layoffs linked to DOGE playing a small role.
On Friday, President Donald Trump, along with Vice President JD Vance, argued with Zelenskyy during an extraordinary moment in front of the media at the White House.
The US Sectors & Stocks - semiconductor tumbled
The technology sector took a heavy hit last week, plunging 6% and making it the worst-performing group in the S&P 500. Leading the decline, $NVIDIA(NVDA)$ dropped around 7%, while $Palantir Technologies Inc.(PLTR)$ tumbled nearly 16%, adding to the sector’s losses.
February also proved brutal for consumer cyclical stocks, largely driven by $Tesla Motors(TSLA)$ sharp decline. The electric vehicle giant slid nearly 25% for the month, dragging the sector down more than 5%.
The $VanEck Semiconductor ETF(SMH)$ was down 6.9% last week after Nvidia’s latest earnings report, putting it in its worst week since September 2023 when it fell 7.19%.
（Source: Finviz.com)
$Berkshire Hathaway(BRK.A)$ $Berkshire Hathaway(BRK.B)$ soared to record highs on Friday following a strong earnings report. Class A shares hit $767,000, while Class B peaked at $511.49. The stock has gained over 11% year-to-date in 2025, far outpacing the S&P 500, which has turned negative for the year.
AI chip giant $NVIDIA(NVDA)$ posted a modest beat-and-raise for its fiscal Q4, but shares slid as the company warned of a near-term margin dip. Nvidia expects its adjusted gross margin to decline to 71% this quarter as it ramps up production of its Blackwell chips but anticipates a recovery to the mid-70s later in the fiscal year.
$Palantir Technologies Inc.(PLTR)$ suffered its worst weekly loss since 2021, plunging 16% and now trading more than 30% below its 52-week high.
$Tesla Motors(TSLA)$ also faced a brutal sell-off, dropping 13% last week—its worst week in two years. The EV maker slumped roughly 25% in February amid concerns over competitive pressures in China and weakening demand in key markets. While Tesla has begun rolling out new driver-assist features in China, its technology appears to lag behind local competitors. Additionally, CEO Elon Musk’s polarizing influence may be weighing on Tesla’s brand perception, impacting sales in both the U.S. and China.
Hong Kong Market - $HSI(HSI)$ hit 3-year high before tumbling
Hong Kong stocks surged to a three-year high on Wednesday, with the $HSTECH(HSTECH)$ briefly crossing the 6,000 mark during intraday trading. However, gains were wiped out by Friday as the Hang Seng Index plunged over 3% for the week, while the tech-heavy HSTECH sank nearly 5%, rattled by renewed U.S.-China trade tensions.
Investor sentiment took a hit after U.S. President Donald Trump announced plans to impose an additional 10% tax on Chinese imports starting next week, according to Bloomberg. This follows an initial 10% tariff introduced earlier this month, escalating fears of a deepening trade conflict between the world’s two largest economies.
$MIXUEGROUP(02097)$ (2097.HK), China’s biggest fresh-drinks chain, is making waves with Hong Kong’s most anticipated IPO in recent months. The company’s strong supply chain and ultra-low pricing strategy have fueled strong investor interest in its market debut.
Singapore Market - $Straits Times Index(STI.SI)$ declined tracking regional losses
Singapore’s stock market tumbled on Friday, tracking regional losses, with the Straits Times Index (STI) slipping 0.87% for the week. In February, STI gained 1%, following a 1.8% gain in January.
Economic data showed a continued decline in trade prices. Singapore’s Import Price Index fell 1.3% year-over-year in January, following a 3.6% drop in the previous month. Similarly, the Export Price Index declined 2.2% after a 3.1% decrease in December, reflecting ongoing external trade pressures.
However, manufacturing prices surged. The Manufacturing Products Price Index jumped 6.2% year-over-year in January, accelerating from a 2.7% rise in the prior month. The Domestic Supply Price Index also climbed 5.5%, up from a 1.5% increase in December, signaling inflationary pressures in locally supplied goods.
Singapore charged three men with fraud in a case domestic media have linked to the movement of Nvidia's advanced chips from the city state to Chinese artificial intelligence firm DeepSeek.
Australian Market - $S&P/ASX 200(XJO.AU)$ wipes out 2025 Gains
Australian stocks erased their year-to-date gains on Friday, as concerns over higher U.S. tariffs on Chinese imports fueled fears of weaker demand for Australian commodities. The ASX 200 ended the week down 1.5%, marking its second straight monthly loss after tumbling 4.2% in February.
Australian shares fell sharply after U.S. President Donald Trump announced new tariffs on Mexico and Canada, alongside a surprise additional 10% tariff on Chinese imports. The move rattled global markets, with Australia’s major miners and technology stocks bearing the brunt of the sell-off.
The Week Ahead
Macro Factors - Tariffs noises
There are plenty of potential market-moving events on deck for March as well. February jobs report set to take center stage on Friday. Wall Street economists expect the U.S. economy added 143,000 nonfarm payroll jobs last month, while the unemployment rate is projected to remain steady at 4%.
President Donald Trump announced the creation of a “strategic crypto reserve” that will include bitcoin, ether, XRP, Solana’s SOL token and Cardano’s ADA, in a post on Truth Social.
“Usually a solid performing month, March has tended to be softer in post-election years as it is the last month of the historically weak Q1,” Christopher Mistal, director of research at Stock Trader’s Almanac, said. Additionally, the Nasdaq tends to underperform the S&P 500 during the postelection March periods.
On the policy front, new tariffs on Canada, Mexico, and China are all set to take effect on March 4. That brings investors into the month of March with more questions than answers as tariff deadlines loom. Legendary investor Warren Buffett made a rare comment on President Donald Trump’s tariffs, saying punitive duties could trigger inflation and hurt consumers.
Earnings
Earnings from retailers will be this week's highlight. Target and Best Buy report on Tuesday, followed by $Macy's(M)$ 's, $Kroger(KR)$ , $Costco(COST)$ $BJ's Wholesale Club Holdings Inc.(BJ)$ , $Gap, Inc(GAP)$ , and $Burlington(BURL)$ Stores on Thursday.
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