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Week Ahead: Big Tech earnings and Trump’s Tariff Policies to Drive Markets

 

Week Ahead: 28 Apr 2025

Big Tech earnings and U.S. President Trump’s tariff policies are expected to drive market direction in the week ahead.

Medium Term: 
S&P 500 (SPX): The S&P 500 Index reversed its momentum, closing above its downtrend line. However, as our long-term indicator remains negative, we maintain a neutral view on the U.S. market — bullish in the short term but cautious on the long-term trend. 

In the week ahead, we expect the index to trade within the 5,350–5,550 range. A bullish scenario could see an extension towards the 5,780 resistance zone.

Selective positioning for investors, while traders could consider tactical trading between 5,350 and 5,550. Stop loss below 5,300.

Hang Seng Index (HSI): Our China Market Long-Term Cycle indicator continues to reflect a sustained upward trend, while the Hang Seng Index (HSI) remains within its established ascending trend channel.

Our base case anticipates a continued rebound in the HSI towards 22,800. Alternatively, the index may consolidate within the 21,400 to 22,180 range.

Selective increment exposure to HK markets for investors, while traders could consider tactical trading with bullish bias. Stop loss below 21,400.

Straits Times Index (STI): The Straits Times Index (STI) has staged a strong rebound of 450 points since its low on 9 April. The index is now at an inflection point in establishing its trend for the week ahead. Sustaining above 3,800 could set the stage for a retest of the 4,000 level, while a close below 3,800 may lead to a retracement towards the 3,635 support zone.

If index remains above 3,800, Selective increment exposure for investors, while traders could consider tactical trading with bullish bias. 

Long Term:
S&P 500 (SPX) Neutral Trend (Index closes above downward trend but LT Cycle indicates Downward trend)
Hang Seng Index (HSI) Upward Trend
Straits Times Index (STI) Uptrend Trend

Headlines Next Week:
- US Corp Earnings: AAPL, MSFT, AMZN, META, LLY, QCOM, V, KO, HON, MA
- SG Corp Earnings: Cap Ascott Tr, Cap Ascendas Reit, UOI, Frasers Cpt Tr, Wilmar, Mapletree Ind Tr, Cap Inv.
US: 1Q GDP, Mar PCE, ISM mfg, ADP jobs, Apr NFP, factory orders
China: Apr official and Caixin mfg PMI, industrial profits; markets closed 1–5 May for Labour Day.
Singapore: 1Q labour mkt Adv, Apr PMI, 3 May polling.

Disclaimers apply




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