To The Moon

Last Week's Recap

1.Weekly Market Digest: Tech Selloff, Growth Stalls, Oil Surges, Yields Ease

• Tech trouble — Heavy tech selling weighed on $NASDAQ(.IXIC)$ , which retreated 4.5% for the week, ending 5.3% below its October 6 record high. $S&P 500(.SPX)$ fell 1.9%; Dow managed a fractionally positive result.

• Growth stalls — Rotation away from AI-related stocks and chipmakers hit large-cap growth; growth benchmark finished down 5.0%, while value climbed 0.9% on strength in healthcare and defensives.

• Oil price surge — U.S. crude $WTI Crude Oil - main 2612(CLmain)$ rose more than 8% for the week, back above $100 per barrel Friday, amid Middle East supply uncertainty and a larger-than-expected withdrawal from U.S. crude stockpiles. Still below the nearly $106 recent high set September 15.

• Earnings kickoff — Q3 S&P 500 earnings growth forecast scaled back to 29.0% (from 29.4%), per FactSet—still on track for the third consecutive quarter of 25%+ growth after mixed bank results.

• Yield curve flattens — 10-year Treasury fell to 5.08% (from 5.24%), 30-year down sharply to 5.43% (from 5.60%). The 2-year eased modestly to 4.72% (from 4.79%).

• Sticky inflation — September CPI rose to 3.7% annual rate (from 3.4%); September PPI surged to 6.3% annual rate, highest since 2022, with costs rising beyond energy prices.

• Retail resilience — September retail sales rose 0.8% (vs. 0.3% consensus), though excluding gasoline sales, retail sales rose just 0.2% reflecting recent fuel price increases.

• South Korean sell-off — South Korean benchmark dropped more than 14%, driven by declines in chipmakers and AI-related stocks; the index has fallen almost 38% since its June record high.

2.US Market – SPX tumbles 1.95% as semiconductor and mega-cap tech rout deepens

$S&P 500(.SPX)$ plunged 1.95% and closed at 7,659.44, as a brutal selloff across semiconductor names, mega-cap tech, and the $SpaceX(SPCX)$ IPO overwhelmed strength in pharma. The index broke below the 7,700 level amid broad-based risk-off sentiment.

Industry leaders: General Merchandise Stores (+9.27%), Distillers & Vintners (+9.06%), Indian Concept (+8.31%), Insurance Brokers (+8.08%), and IT Consulting & Other Services (+6.70%).

10 Popular Stocks:

• $Eli Lilly(LLY)$ +6.59% — The pharmaceutical heavyweight bucked the rout, advancing on GLP-1 demand resilience and Mounjaro/Zepbound manufacturing scale-up progress.

• $Apple(AAPL)$ +2.03% — The iPhone maker eked out a gain on services revenue stability and upcoming product-cycle anticipation.

• $Alphabet(GOOGL)$ -3.15% — The search giant declined on AI search monetization fears and ad-spending slowdown concerns.

• $Amazon.com(AMZN)$ -4.74% — The cloud leader tumbled on AWS growth deceleration worries and e-commerce margin pressure.

• $NVIDIA(NVDA)$ -6.61% — The AI chip leader collapsed on profit-taking and rotation out of high-beta AI names.

• $Tesla Motors(TSLA)$ -7.31% — The EV maker slumped on delivery-margin concerns and robotaxi timeline skepticism.

• $Broadcom(AVGO)$ -9.07% — The custom-AI-chip giant plunged on valuation concerns and OpenAI deal execution risks.

• $Taiwan Semiconductor Manufacturing(TSM)$ -8.98% — The world's largest foundry tumbled on front-end semiconductor capex rotation and China export-license uncertainty.

• $SpaceX(SPCX)$ -10.17% — The space and AI conglomerate extended its post-IPO decline as investors digested the xAI merger debt and thin float volatility.

• $Skyworks Solutions(SWKS)$ -19.25% — The RF semiconductor specialist was the week's worst performer, collapsing on 5G demand slowdown and margin compression fears.

Performance is subjected to market volatility

3.Hong Kong Market – HSI flat at 24,186.83 as bank rally offsets CATL collapse

$HSI(HSI)$ : The Hang Seng Index dipped 0.1% and closed at 24,186.83, as strength in Chinese banks and energy majors offset a brutal selloff in CATL. The index held above the 24,100 level.

$HSTECH(HSTECH)$ declined 2.13% and closed at 4,108.24, dragged lower by the battery giant.

Industry leaders: Home Improvement Retail (+54.36%), Distributors (+26.33%), General Merchandise Stores (+12.85%), Footwear (+8.20%), and Hypermarkets & Super Centers (+6.76%).

9 Popular Stocks:

• $ABC(01288)$ +3.93% — Led the banking sector higher on defensive dividend-yield positioning.

• $HSBC HOLDINGS(00005)$ +3.10% — The banking heavyweight advanced on Asian franchise resilience.

• $CM BANK(03968)$ +2.01% — Rose on improving wealth-management fee income.

• $CHINA MOBILE(00941)$ +1.68% — The telecom incumbent edged up on defensive yield positioning.

• $PETROCHINA(00857)$ +1.68% — Tracked firm Brent crude and OPEC+ supply discipline.

• $CCB(00939)$ +1.34% — Gained on state-owned lender rotation.

• $ICBC(01398)$ +1.2% — Advanced on income-investor demand.

• $TENCENT(00700)$ -1.65% — Declined on gaming and fintech valuation compression.

• $CATL(03750)$ -10.30% — The battery giant collapsed on lithium oversupply fears, EU tariff escalation, and margin compression concerns.

*Performance is subjected to market

4.Singapore Market – STI gains 0.25% as banks and energy offset ASEAN SDR carnage

$Straits Times Index(STI.SI)$ edged up 0.25% and closed at 5,415.53, as strength in local banks, HSBC, and PetroChina offset a brutal selloff in Indonesian financials and Thai power-electronics. The index held above the 5,400 level amid violent cross-border SDR rotation.

Sectors: Aluminum (+25.71%) skyrocketed on speculative supply-constraint positioning. Restaurants (+7.00%) advanced on consumer reopening. Iron & Steel (+6.13%) tracked China infrastructure stimulus speculation, while Textiles (+6.12%) and Health Care Distributors (+5.71%) benefited from ASEAN manufacturing reshoring.

10 Popular Stocks:

• $UOB(U11.SI)$ +4.13% — The third-largest local bank surged on ASEAN commercial banking momentum and digital wholesale traction.

• $HSBC HK SDR 5to1(HSHD.SI)$ +3.17% — The UK banking giant's SDR advanced on Asian franchise resilience and its 7%+ dividend yield.

• $PetroCN HK SDR 1to2(HPCD.SI)$ +2.5% — The oil major's SDR gained on firm Brent crude and OPEC+ supply discipline.

• $Singtel(Z74.SI)$ +1.42% — The telecom incumbent edged up on defensive yield positioning.

• $Singtel 10(Z77.SI)$ -1.65% — The 10-share board lot variant traded lower on liquidity-driven dislocation.

• $Delta TH SDR 1to1(TDED.SI)$ -3.93% — Pulled back on profit-taking after its AI data-center rally.

• $Ping An Ins HK SDR2to1(HPAD.SI)$ -3.54% — Declined on China property-sector credit exposure.

• $BBCA ID SDR 1to2(IBKD.SI)$ -11.43% — Collapsed on thin-liquidity volatility and regional EM outflows.

• $TLKM ID SDR 1to5(ITKD.SI)$ -15.76% — The week's worst performer, plunging on profit-taking and regulatory concerns.

Performance is subjected to market volatility

5.Australian Market – XJO gains 1.03% as bank rally lifts the index to 8,807

$S&P/ASX 200(XJO.AU)$ gained 1.03% to 8,806.7 over the week, as a powerful rally across the Big Four banks and strength in healthcare offset weakness in diversified miners and industrial property. The index held above the 8,800 level as investors rotated into rate-sensitive financials.

Industry leaders: Paper Products (+10.00%), Motorcycle Manufacturers (+9.59%), Oil & Gas Drilling (+9.09%), Transaction & Payment Processing Services (+6.67%), and Health Care Distributors (+6.58%).

10 Popular Stocks:

• $ANZ GROUP HOLDINGS LTD(ANZ.AU)$ +4.6% — Led the banking sector higher on institutional-banking resilience and better-than-feared capital ratios.

• $NATIONAL AUSTRALIA BANK LTD(NAB.AU)$ +4.35% — Surged on business-lending momentum and improved SME credit outlook.

• $WESTPAC BANKING CORPORATION(WBC.AU)$ +4.24% — Rebounded on deposit stability and mortgage-pricing recovery hopes.

• $COMMONWEALTH BANK OF AUSTRALIA(CBA.AU)$ +3.41% — Rose on defensive positioning and resilient dividend outlook.

• $CSL LIMITED(CSL.AU)$ +4.55% — Advanced on plasma-collection volume recovery and biotech pipeline momentum.

• $WOODSIDE ENERGY GROUP LTD(WDS.AU)$ +2.54% — Tracked firm Brent crude and LNG spot pricing resilience.

• $WESFARMERS LTD(WES.AU)$ +2.53% — Gained on Bunnings and Kmart trading strength.

• $GOODMAN GROUP(GMG.AU)$ -2.84% — Pulled back on valuation concerns after a strong year-to-date run.

• $BHP GROUP LTD(BHP.AU)$ -1.49% — Slipped on iron ore price pressure and copper profit-taking.

• $Rio Tinto Ltd(RIO.AU)$ -4.58% — The diversified miner was the week's worst large-cap performer, tumbling on Pilbara shipment concerns and Oyu Tolgoi operational challenges.

Performance is subjected to market volatility

The Week Ahead:

1.Macro Events in Focus

Monday, Oct 20

• Hong Kong Market Holiday — Markets in Hong Kong are closed for the Double Ninth Festival. Expect lighter Asia-Pacific trading volumes and potential flow shifts into mainland China and U.S. sessions.

Tuesday – Thursday, Oct 20–22

• $NVIDIA(NVDA)$ GTC Berlin 2026 — NVIDIA's premier global AI conference lands in Europe. Keynote focus on next-gen Blackwell ramp, AI enterprise adoption, sovereign AI builds, and robotics. Any product roadmap or partnership announcements could move the entire AI semiconductor complex.

2.Earnings in Focus

Tuesday, Oct 21

• $Netflix(NFLX)$ — Subscriber net adds, ad-tier monetization, and content spend discipline. The streaming wars are over; now it's about margin expansion and ad revenue scaling.

• $General Motors(GM)$ — EV profitability trajectory, Ultium platform progress, and ICE cash-cow sustainability. Cruise autonomous unit updates also in focus.

• $United Airlines(UAL)$ — Corporate travel demand, trans-Pacific route recovery, and fuel cost pass-through. A key read on premium consumer and business travel resilience.

• $RTX Corp(RTX)$ — Defense backlog, Pratt & Whitney GTF engine remediation costs, and international arms demand amid geopolitical tensions.

• $3M(MMM)$ — PFAS litigation overhang, healthcare spin progress, and industrial end-market demand trends.

• $SpaceX(SPCX)$ — Private company; any operational updates from Starship program or Starlink subscriber metrics will draw market attention.

Wednesday, Oct 22 — Mega-Cap Tech & Semiconductor Heavyweight Day

• $Tesla Motors(TSLA)$ — Robotaxi / Cybercab unveiling expectations, FSD progress, energy storage growth, and margin pressure from price cuts. The most volatile earnings event of the week.

• $Meta Platforms, Inc.(META)$ — Reality Labs losses, AI capex guidance, Reels monetization, and Threads user metrics. Ad revenue growth amid a shifting digital landscape.

• $IBM(IBM)$ — Hybrid cloud and AI (Watsonx) revenue contribution, consulting backlog, and mainframe cycle durability.

• $Lam Research(LRCX)$ — WFE (wafer fab equipment) spending outlook, China export restriction impact, and AI-driven advanced packaging demand.

• $Texas Instruments(TXN)$ — Analog and embedded inventory digestion progress; a bellwether for broad industrial and auto semiconductor demand recovery.

• $SAP SE(SAP)$ — Cloud revenue growth, RISE with SAP migration momentum, and AI copilot adoption in enterprise ERP.

• $AT&T Inc(T)$ — Fiber and 5G subscriber additions, wireless ARPU trends, and debt reduction progress.

Thursday, Oct 23

• $Spotify Technology S.A.(SPOT)$ — Subscriber growth, pricing power, and podcast / audiobook monetization. Profitability trajectory remains the key investor debate.

• $Western Digital(WDC)$ — NAND and HDD pricing trends, data center storage demand, and memory cycle recovery positioning.

• $Lockheed Martin(LMT)$ — F-35 delivery ramp, missile defense orders, and government budget outlook under a new administration.

• $American Airlines(AAL)$ — Domestic leisure vs. corporate travel mix, unit revenue trends, and fleet modernization updates.

• $Nokia Oyj(NOK)$ — 5G network equipment demand, IP routing growth, and cloud-native core transition progress.

• $Bloom Energy Corp(BE)$ — Fuel cell deployment growth and hydrogen roadmap execution.

Friday, Oct 24

• $American Express(AXP)$ — Card member spending trends, credit loss normalization, and travel & entertainment charge volume. A high-quality read on affluent consumer behavior.

• $SLB Ltd(SLB)$ — International oilfield services activity, digital adoption, and energy transition (new energy) revenue contribution.

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