Every month, we will update a list of US Growth Stocks with Strong Momentum that we are watching closely. We spend many hours to screen and curate the information.

The screener uses an quantitative framework that designed to identify sustainable growth, companies with strong moats, decent valuations and strong price momentum.

We see few movements this month, with 1 new stock move to the top 10:

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US indices pushed to fresh all‑time highs, powered by tech and AI, while oil, bonds, and geopolitics lurked in the background but didn’t derail the party. For investors, it’s a textbook late‑cycle feel—great news, stretched valuations, and narrow leadership—which is exciting but also exactly when discipline starts to matter most.

What is happening 📈

• US indices: records on records. The S&P 500 gained about 1.4% on the week, the Dow roughly 0.9%, and the Nasdaq around 2.4%, with all three closing at new record highs. That marks the ninth consecutive weekly gain for the S&P 500, an unusually persistent run.

• AI still the main character. Nvidia reported another blowout quarter, with revenue jumping to roughly 81.6 billion (about 85% year‑on‑year growth) and profit more than tripling versus a year ago, beating already‑lofty expectations. Management followed up with an $80 billion share buyback authorization and a sharp increase in the quarterly dividend, underscoring confidence in ongoing AI demand.

• Tech leadership spills over globally. Strong AI enthusiasm lifted not just US mega‑caps but also AI‑linked names in Asia, with firms tied to Nvidia and AI chips seeing outsized gains and markets like Korea’s Kospi up triple‑digits year‑to‑date on AI‑heavy components.

• Macro backdrop: supportive but not perfect. Optimism around a potential extension of a ceasefire in the Middle East and earlier declines in oil prices helped sentiment, even as oil remains volatile week‑to‑week. At the same time, bond yields eased a bit, with benchmark US Treasury yields drifting lower and broad bond indices posting positive weekly returns, hinting at less pressure from rates—at least for now.

• Valuations are climbing. The S&P 500’s forward 12‑month price‑to‑earnings ratio is now around 21.2, above both its 5‑year (19.9) and 10‑year (18.9) averages, meaning investors are paying a growing premium for earnings in this AI‑powered rally.

Why it matters 🧠

For equity investors, this week reinforced a few big themes:

• AI is still the market’s core narrative. Nvidia’s latest report didn’t just beat numbers; it signaled that AI capex is still ramping, with management guiding another step‑up in revenue next quarter and backing that view with aggressive buybacks and a dividend hike. That keeps the “AI super‑cycle” thesis intact and explains why tech remains the market’s leadership cluster.

• But the market is increasingly “priced for perfection.” When indices notch nine straight weeks of gains and trade at valuations above long‑term averages, any disappointment—whether from earnings, economic data, or geopolitics—has more room to hurt. The stronger the run, the more vulnerable sentiment becomes to a negative surprise.

• Leadership is still narrow, though breadth is trying to improve. Tech and AI‑adjacent names remain the main source of index gains, but there are early signs of broader participation, with developed ex‑US markets (like the MSCI EAFE) also posting positive weekly returns and small‑caps seeing some catch‑up moves. If breadth keeps improving, the rally becomes more sustainable; if not, it stays more fragile.

• Macro is a background noise, not the driver—yet. Geopolitical headlines and oil swings are influencing bonds and sectors, but earnings and AI spending are clearly in the driver’s seat. That can flip quickly if inflation or growth data surprise, but for now the market is prepared to look through noise as long as earnings deliver.

Opportunity 💡

This kind of tape creates both temptation and opportunity:

• Quality AI exposure over FOMO trades. Nvidia’s results confirm that AI infrastructure demand is real and still growing, but expectations are also very high. Instead of chasing parabolic single‑names after the news, a more measured approach is keeping core exposure via diversified vehicles (broad tech or AI‑themed ETFs, or quality‑tilted indices) while avoiding oversized bets on any one story stock.

• Look where the rally hasn’t fully priced in good news. While US large‑cap tech is expensive vs history, other pockets like developed ex‑US equities and select cyclicals have been quietly grinding higher without the same valuation stretch. If AI‑led enthusiasm continues but broadens out, those areas can benefit from rotation rather than just multiple expansion in already‑crowded names.

• Bonds as a shock absorber. With bond indices positive on the week as yields eased, high‑quality fixed income is again behaving like a portfolio stabiliser. For investors who’ve been underweight duration after the rate shock, staged re‑entries into quality bonds can help cushion any future equity volatility if the “perfection” narrative gets challenged.

As always, this is context, not advice—position sizing, time horizon, and risk tolerance matter more than any one week’s headlines.

Bottom line ✅

This week’s big takeaway: the AI‑powered bull run is alive and well, and markets are paying up for it. Record highs, a ninth straight weekly gain for the S&P 500, and another stellar quarter from Nvidia all point to a market that still believes in the AI super‑cycle—but also one that’s becoming more sensitive to any crack in the story.

For me, this is a “stay invested, but sharpen your risk controls” moment: keep core exposure to quality growth and AI, balance it with diversification into less‑crowded regions and sectors, and let bonds quietly do their job in the background.

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Disclaimer: This article constitutes the author’s personal views and is for entertainment and educational purposes only. It is not to be construed as financial advice in any form. Please do your own research and seek advice from a qualified financial advisor. From time to time, I have positions in all or some of the mentioned stocks when publishing this article. This is a disclosure - not a recommendation to buy or sell stocks.

Every month, we will update a list of SG top dividends stocks that we are watching closely. We spend many hours to screen and curate the information.

The screener uses 6-component framework. Each component has specific scoring criteria designed to identify sustainable, high-quality dividend stocks.

The top 10 stocks yielded a total return (including dividends) of 20.6% in YTD.

We see some movements this month, with 2 new stock move to the top 10:

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Singapore dividend stocks remain a core building block for investors who want steady cash flow, reasonable growth, and some inflation protection without taking on speculative risk.

This curated list focuses on 10 names across banks, REITs, consumer, infrastructure, and commodities that combine recurring cash generation with disciplined capital allocation and room for long-term value creation.

#10 Pan-United Corporation (P52) – Niche infrastructure cash machine

What the business does
Pan-United is Singapore’s largest ready-mix concrete supplier and a global leader in low‑carbon concrete technologies, supplying almost all major public and private projects from MRT lines to Changi Airport, Tuas Port and large residential developments.

Over more than 70 years it has shifted from a traditional building materials player into a technology‑enabled, sustainability-focused concrete specialist, including its AiR Digital platform that optimises production and logistics for ready‑mix concrete.

Why it works as a dividend play
Pan-United’s cash flows are tied to Singapore’s multi‑year construction and infrastructure pipeline, including public housing and transport corridors, which tend to be planned and budgeted years in advance.

Its historical dividend yield has generally sat in the mid‑single digits, with DPS rising from 1.6 cents to 4.5 cents between 2021 and 2025 and payout ratios around 40–50%, signalling a balance between shareholder returns and reinvestment.

Dividend potential
If the current construction upcycle and sustainability mandates stay intact, Pan‑United can grow earnings while keeping a moderate payout ratio, supporting gradual DPS growth over time.

Risks are cyclical – a sharp slowdown in construction demand or margin pressure from raw materials could compress cash flows, so this fits better as a mid‑cap satellite holding rather than a core anchor.

#9 PropNex (OYY) – Cyclical, asset‑light property fee machine

What the business does
PropNex is Singapore’s largest Mainboard‑listed real estate agency, with more than 16,000 salespeople across 24 offices in six countries, covering Singapore, Indonesia, Malaysia, Vietnam, Cambodia and Australia.

It earns largely fee‑based income from brokerage, project marketing, investment sales, valuation, corporate leasing and consultancy services, positioning itself as a scale leader in Singapore’s residential market with growing regional recognition.

Why it works as a dividend play
As an asset‑light agency model, PropNex converts transaction volumes into high‑margin, cash‑generative earnings without heavy capex, which supports regular dividends when volumes are healthy.

Recent numbers show an annual dividend of about 5.3 cents per share with a yield around 2.3% and a high payout ratio near 90%, meaning most earnings are returned to shareholders in “normal” years.

Dividend potential
Because earnings are tied to transaction volumes, PropNex’s yield can swing with each property cycle – up in boom years and compressed when cooling measures or higher rates hit demand.

Longer term, its dominant franchise and regional growth runway give it a good chance of sustaining and potentially lifting dividends over a full cycle, but income investors must tolerate volatility between good and bad years.

#8 Food Empire (F03) – Branded instant coffee with global reach

What the business does
Food Empire is a Singapore‑headquartered multinational F&B group whose primary business is instant coffee beverages, led by its flagship MacCoffee and CaféPHỐ brands.

It sells instant beverages, snacks and food ingredients in more than 50 countries, with particularly strong positions in Russia, Ukraine, Kazakhstan, Central Asia and parts of Asia, backed by proprietary brands and multiple manufacturing plants across India, Malaysia, Myanmar, Russia, Ukraine and Vietnam.

Why it works as a dividend play
Branded, fast‑moving consumer products can generate recurring cash flow once a brand is entrenched, and MacCoffee has dominated the 3‑in‑1 instant coffee market in core markets like Russia for years.

Food Empire’s forward dividend yield is in the mid‑single digits (around 3.5–4.5%), but its payout ratio spiked to about 94% in 2023 from 39% in 2022, indicating an aggressive return of profits to shareholders in recent years.

Dividend potential
If management normalises the payout closer to historical levels while earnings continue to grow, there is room for dividends to remain attractive without overstretching the balance sheet.

Key risks are geopolitical and FX – a large portion of profits still comes from Russia and surrounding markets, so sanctions, currency swings or demand shocks can quickly hit earnings and dividend capacity.

#7 SBS Transit (S61) – Regulated transport with bonus upside

What the business does
SBS Transit is a multi‑modal public transport operator in Singapore, running extensive bus and rail services including the North East Line, Downtown Line and the Sengkang and Punggol LRT systems.

It is the country’s largest public bus operator with a fleet of around 3,000 buses and more than 200 bus services, operating under government contracting models as a subsidiary of ComfortDelGro.

Why it works as a dividend play
The bus contracting and rail frameworks provide relatively predictable, contract‑based cash flows linked to availability and performance rather than pure fare revenue, supporting semi‑annual dividends.

SBS Transit’s regular dividend recently translated into a yield of about 5.6% with a payout ratio above 90%, and it has also declared special dividends alongside ordinary payouts when results permit.

Dividend potential
Near term, an ordinary yield in the mid‑single digits with occasional specials is plausible if ridership normalisation and contract renewals stay supportive.
The main risks are regulatory – changes to the contracting model, higher operating costs that are not fully passed through, or pressure on margins could limit future dividend growth.

#6 Bumitama Agri (P8Z) – High‑yield upstream palm oil producer

What the business does
Bumitama Agri is a Singapore‑incorporated holding company for Bumitama Gunajaya Agro, an Indonesian palm oil plantation group focused on cultivating oil palm and producing crude palm oil (CPO) and palm kernel.

It controls around 230,000 hectares of land with about 187,000 hectares planted across Central and West Kalimantan and Riau, supported by 14 mills that together produce over 1 million tonnes of CPO annually for buyers like Wilmar, Sinar Mas and Musim Mas.

Why it works as a dividend play
Plantation companies are inherently cash‑generative when CPO prices are favourable, and Bumitama has channelled a meaningful portion of that cash back to shareholders, paying semi‑annual dividends.

Recent data shows an annual dividend of about 6.6 cents per share, implying a yield close to 6.9% with a payout ratio near 59%, leaving room to reinvest while still offering a high cash return.

Dividend potential
If CPO prices stay at reasonable levels and mature planted area supports stable fresh fruit bunch output, Bumitama can sustain a high single‑digit yield with some room for growth.

However, dividends are tightly linked to commodity prices, weather and ESG/regulatory developments around palm oil, so investors should expect a volatile income stream over the cycle.

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Every month, we will update a list of US Growth Stocks with Strong Momentum that we are watching closely. We spend many hours to screen and curate the information.

The screener uses an quantitative framework that designed to identify sustainable growth, companies with strong moats, decent valuations and strong price momentum.

Our top 3 picks:

• Western Digital - 110%

• Comfort System - 84%

• Lam Research - 65%

We see few movements this month, with 2 new stock move to the top 10:

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Global stocks just wrapped up another record‑setting week, powered by blockbuster AI and mega‑cap tech earnings even as investors brace for crucial U.S. jobs data and a still‑cautious Fed.

The headline story: indices are grinding higher on earnings strength, but the market is increasingly priced for perfection in both growth and rates.

📈 What’s happening

• Indexes at fresh highs. The S&P 500 logged its sixth straight weekly gain, finishing the week up around 0.7% and closing at a new record near 7,230, while the Nasdaq also pushed to record territory. So far in 2026, the S&P 500 is up about 8%, with the Nasdaq ahead roughly 13% thanks to tech leadership.

• Earnings season = AI flex. Q1 earnings are coming in much stronger than feared: FactSet now sees S&P 500 earnings up more than 20%+ year on year, the fastest growth since 2021, with the “Magnificent Seven” (Alphabet, NVIDIA, Amazon, Meta, etc.) doing much of the heavy lifting. Big Tech’s beats on revenue and profits have repeatedly surprised to the upside, keeping the AI narrative front and centre.

• Palantir and AI software in focus. Palantir reported a blowout quarter, with revenue up about 85% year on year to around 1.63 billion, and adjusted earnings per share comfortably topping expectations. Government sales jumped over 70%, commercial revenue nearly doubled, and U.S. commercial business more than doubled, underscoring how fast AI‑driven analytics is scaling in both public and private sectors.

• Macro: jobs and the Fed. The Fed kept rates on hold and reiterated that it’s not in a hurry to cut, citing sticky inflation risks even as growth cools. Markets now pivot to this week’s U.S. non‑farm payrolls, where a modest jobs gain and steady unemployment rate would either validate the “soft‑landing” narrative—or reignite worries about a slowdown and rate‑cut timing.

• Oil and geopolitics simmer in the background. Oil prices remain elevated after recent Middle East tensions, and strategists expect energy to stay an inflationary wildcard for the rest of 2026, even as equities trade near all‑time highs.

🤔 Why it matters

The rally is increasingly concentrated: a small group of mega‑cap, AI‑linked names is driving a disproportionate share of index‑level returns and earnings growth. That concentration boosts performance on the way up but also means index investors are more exposed than they might realise to a downturn in a handful of stocks or in the AI narrative itself.

At the same time, valuations are rich: the S&P 500’s Shiller P/E has moved above 40, a level historically associated with lower forward returns and higher volatility. With the Fed signalling “higher for longer” and hesitant to cut rates despite softer labour data, the cushion from monetary policy is thinner than in previous cycles.

Put differently, markets are pricing in both strong earnings and an orderly macro slowdown—a combination that leaves less room for disappointment if jobs, inflation, or geopolitics surprise to the downside.

💡 Opportunity

For long‑term investors, the current backdrop argues for staying invested but being deliberate about risk rather than chasing the latest AI headline at any price. The data shows that value‑tilted stocks have actually outperformed growth this year—Russell 1000 Value is up around 10% year to date vs roughly 2% for Russell 1000 Growth—highlighting opportunities outside the crowded AI mega‑cap trade.

On the AI theme itself, names like Palantir show that real revenue and free‑cash‑flow growth are starting to justify the story, but market reactions remain unforgiving when expectations are sky‑high. That favours a “picks‑and‑shovels” approach—looking at infrastructure (cloud, chips, data tooling) and diversified platforms—over concentrated bets on a few hyped winners.

Meanwhile, elevated oil and persistent inflation risk make a case for select energy exposure and real assets as partial hedges, especially if you’re heavily weighted to long‑duration growth and tech. For Asia‑based or global investors, that can mean mixing high‑quality U.S. growth with steady cash‑generating sectors (dividends, value, defensives) to smooth what is likely to be a choppier path from here.

✅ Bottom line

This week’s story is simple but powerful: markets are climbing to new highs on the back of exceptional AI and mega‑cap earnings, even as the macro and rate backdrop looks increasingly tricky. In that environment, the edge goes to investors who respect how much good news is already priced in, keep core exposure to quality growth, and quietly rebalance towards areas where expectations—and valuations—are more reasonable.

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Disclaimer: This article constitutes the author’s personal views and is for entertainment and educational purposes only. It is not to be construed as financial advice in any form. Please do your own research and seek advice from a qualified financial advisor. From time to time, I have positions in all or some of the mentioned stocks when publishing this article. This is a disclosure - not a recommendation to buy or sell stocks.

Every month, we will update a list of SG top dividends stocks that we are watching closely. We spend many hours to screen and curate the information.

The screener uses 6-component framework. Each component has specific scoring criteria designed to identify sustainable, high-quality dividend stocks.

The top 10 stocks yielded a total return (including dividends) of 24.5% in YTD.

We see some movements this month, with 4 new stock move to the top 10:

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Global equities are grinding toward fresh highs as investors juggle blockbuster Big Tech earnings and a divided Federal Reserve that just kept rates on hold. Under the surface, oil back above 100 and sticky inflation are quietly tightening the screws on a market priced for perfection.

What is happening 📈

The S&P 500 and Nasdaq have been hovering near or setting record closes, powered by mega‑cap tech as traders position ahead of quarterly results from Alphabet, Amazon, Meta, Microsoft and Apple.

The Federal Reserve left its policy rate unchanged at 3.5–3.75 percent, but the meeting produced the highest number of dissents since 1992 as officials split over how quickly to ease policy.

Meanwhile, Brent crude climbed back above 100 dollars a barrel and the 10‑year U.S. Treasury yield pushed above 4.3 percent as Middle East conflict and firm data stoked concerns that inflation will stay elevated.

Why it matters 🧠

Equities are rallying into this earnings‑plus‑Fed combo from a base of historically rich valuations, with the Shiller price‑to‑earnings ratio north of 40 and inflation now casts still pointing above the Fed’s 2 percent target.

A Fed that is on hold but divided, alongside stubborn inflation and expensive multiples, leaves less room for disappointment if growth softens or Big Tech fails to deliver on lofty AI‑driven expectations.

At the same time, resilient economic indicators and strong results from select names—such as Seagate’s earnings beat that sent its shares up more than 16 percent—are reinforcing the idea that corporate America can still grow into these valuations, at least for now.

Opportunity 💡

If you’ve been riding the AI‑led melt‑up, this is a good moment to rebalance concentrated winners, particularly in mega‑cap tech where several stocks have already logged around 20–30 percent gains over the past month.

Rising long‑term yields and still‑attractive cash rates after the Fed’s latest hold create room to park part of your portfolio in short‑duration bonds or money‑market funds while you wait for better entry points.

If you’re still underweight quality growth, consider averaging into diversified tech or broad‑market ETFs through this catalyst‑heavy week instead of trying to pick single‑stock earnings winners.

Bottom line 📌

Markets are priced for a Goldilocks outcome—AI‑boosted earnings, solid growth and a gentle Fed—right as inflation, geopolitics and policy uncertainty are all flashing yellow.

If incoming data and Big Tech results thread that needle, the rally can continue to grind higher, but any stumble on earnings or an upside surprise in inflation could quickly pressure an already expensive market.

Enjoy the gains, but tighten your risk management: diversify away from single themes, know where your biggest factor bets sit, and have a playbook ready if volatility snaps back.

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Disclaimer: This article constitutes the author’s personal views and is for entertainment and educational purposes only. It is not to be construed as financial advice in any form. Please do your own research and seek advice from a qualified financial advisor. From time to time, I have positions in all or some of the mentioned stocks when publishing this article. This is a disclosure - not a recommendation to buy or sell stocks.

March was a month of contrasts for the stock lists:

• Markets shook off March’s scare and surged to fresh highs in April, powered by AI, tech, and strong US earnings.

• Your three model strategies all had a standout month: SG Dividend +9.7%, Tactical ETFs +20.8%, US Growth +27.5%.

• Year to date, US Growth is leading at 27.6%, with SG Dividend and Tactical ETFs not far behind at 24.5% and 20.4% respectively.

Macro snapshot: from oil shock to new highs

After a bruising March driven by Middle East tensions and higher-rate worries, April flipped the script. Global equities, led by the US, pushed back to – and through – previous highs as fears of an extended sell-off faded.

In the US, inflation ticked up: headline CPI rose 3.3% year on year in March, up from 2.4% in February, largely thanks to higher energy prices. That keeps the Federal Reserve in “wait and see” mode rather than rushing to cut, but markets are increasingly comfortable with the idea of “higher for a bit longer” as long as growth and earnings hold up.

Markets: AI and earnings in the driver’s seat

The S&P 500 hit a record close around 7,231 on 30 April, capping an 9% gain over the past month – a huge move by historical standards. The rally has been heavily led by technology and semiconductor names as investors continue to price in the earnings potential of AI infrastructure spend.

Under the surface, earnings are doing a lot of the heavy lifting. Roughly a quarter of S&P 500 companies had reported by late April, with both the share of “beats” and the size of earnings surprises running above recent averages and the index posting double‑digit year‑on‑year earnings growth for the sixth straight quarter. In short: the market isn’t just re‑rating; profits are actually coming through.

This backdrop – solid earnings, still‑elevated but manageable inflation, and a powerful momentum trend – is exactly the kind of environment where growth and tactical strategies can shine, as April’s numbers show.

Portfolio at a glance

Here’s how the Money Unfiltered strategies did in April:

• SG Dividend: +9.7% in April; +24.5% YTD

• Tactical ETFs: +20.8% in April; +20.4% YTD

• US Growth: +27.5% in April; +27.6% YTD

All three strategies outpaced broad global benchmarks this month, with US Growth and Tactical ETFs in particular benefiting from the sharp rebound in risk assets and the AI‑driven melt‑up in US markets.

SG Dividend – steady compounding, turbocharged month

What happened

SG Dividend gained 9.7% in April, building on a strong 7.6% in March after positive returns in both January and February. That brings the year‑to‑date return to 24.5%, which is exactly what you want to see from a core, income‑oriented sleeve that’s also participating meaningfully in upside.

The move was helped by:

• A broad rebound in regional financials and REITs as rate‑cut hopes further out the curve remained alive despite the latest inflation blip.

• Continued investor search for yield as real cash returns remain modest once you subtract inflation.

How I’m thinking about it

For SG Dividend, the focus remains:

• Prioritising sustainable payout ratios and strong balance sheets over headline yield.

• Avoiding REITs and high‑debt names that are most vulnerable if rates stay higher for longer than the market expects.

After back‑to‑back strong months, I’m comfortable keeping this as a core “sleep‑well‑at‑night” allocation, but I’m following our valuations model strictly – especially in popular blue‑chip dividend names that have rerated hard this year.

Tactical ETFs – volatility turned into opportunity

What happened

Tactical ETFs bounced 20.8% in April after a 4.5% drawdown in March, taking YTD performance to 20.4%. The whipsaw is by design: this sleeve is meant to lean into dislocations and momentum, not smooth them away.

Key drivers included:

• Re‑risking into US equity and tech exposures as the March sell‑off pushed indicators into “oversold” territory.

• Benefiting from the subsequent snapback as markets moved from early‑April oil‑shock worries to late‑April record highs.

US Growth – when the wind is at your back

What happened

US Growth had a standout month, returning 27.5% in April after smaller gains in January and March and a double‑digit dip in February. That puts the strategy at 27.6% YTD, marginally ahead of SG Dividend and comfortably ahead of most broad indices.

The rally was powered by:

• Concentrated exposure to US growth and tech names that have been prime beneficiaries of the AI and semiconductor boom.

• A supportive earnings season where many growth leaders beat expectations and raised guidance.

What this means

This is exactly the type of environment where a growth tilt earns its keep – but it’s also when drawdown risk quietly rises:

• Valuations in parts of US growth and AI are now baking in a lot of good news.

• Any disappointment – on earnings, regulation, or macro – could trigger sharp pullbacks.

How the pieces fit together

Putting all three strategies side by side:

• Diversification did its job. The February drawdown in US Growth and March wobble in Tactical ETFs were cushioned by SG Dividend’s resilience.

• April shows the payoff for staying invested. The temptation to de‑risk after March’s headlines was high, but sticking to the plan allowed the portfolio to participate fully in the rebound.

• Risk is higher now, not lower. After such strong gains and new highs in US markets, forward returns are likely to be lumpier, even if the longer‑term trend remains intact.

Looking ahead to May

Here’s what I’m watching and how that feeds into positioning:

• Inflation and the Fed: With inflation still above target at around 3.3% and energy prices lively, the Fed can’t fully relax. A hawkish surprise would hit growth and high‑duration assets first.

• Earnings breadth: Early-season results are strong; the question is whether beats remain broad‑based beyond the mega‑caps.

• Geopolitics and oil: Any escalation around key shipping lanes could quickly sneak back into inflation and risk sentiment.

Portfolio stance for now

• Keep the core in SG Dividend for stability and income.

• Stay constructive but selective in US Growth – favouring quality names with real earnings and strong balance sheets, trimming speculative edges.

• Use Tactical ETFs as the flexible lever: willing to add on pullbacks and reduce after outsized runs, guided by data rather than headlines.

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Disclaimer: This article constitutes the author’s personal views and is for entertainment and educational purposes only. It is not to be construed as financial advice in any form. Please do your own research and seek advice from a qualified financial advisor. From time to time, I have positions in all or some of the mentioned stocks when publishing this article. This is a disclosure - not a recommendation to buy or sell stocks.

Global stocks spent the week balancing record highs against fresh geopolitical and policy jitters. A fragile U.S.–Iran ceasefire, a new Fed chair-in-waiting, and Apple’s surprise CEO succession gave investors plenty to chew on as earnings season ramped up.

What’s happening 📈

• Markets flirting with new records, but choppy. The S&P 500 recently notched a fresh all‑time high around 7,100 after a rare 13‑day winning streak, before giving back some gains as ceasefire worries resurfaced. Earlier in the week, the index was down about 0.9% for the week, and major U.S. benchmarks finished several sessions roughly 0.6% lower as investors braced for the potential end of the truce.

• Ceasefire extension lifts risk assets, but oil stays tense. Markets sold off as talks to extend the U.S.–Iran ceasefire were delayed and the Strait of Hormuz remained closed, pushing crude oil up as much as about 5% intraday. When President Donald Trump extended the ceasefire, the S&P 500 and Nasdaq rebounded to record closing levels, even as oil prices remained elevated after weeks of Middle East disruption.

• Kevin Warsh’s Fed hearing adds a new layer of uncertainty. Stocks slipped during and after Fed chair nominee Kevin Warsh’s Senate hearing, as he emphasized interest rates as his primary policy lever and signaled appetite to shrink the Fed’s balance sheet. Investors noted his openness to potential future rate cuts and calls for a “regime change” in how the Fed handles inflation, contributing to a pause after a roughly 9% rally earlier in the month.

• Apple hits a leadership milestone, markets mostly shrug. Apple announced that Tim Cook will step down as CEO on September 1, 2026, becoming executive chairman while hardware chief John Ternus takes over as CEO. Apple’s stock initially fell about 2.5% on the news but stabilized quickly, with many investors viewing the move as the culmination of a long‑planned succession at the roughly $4 trillion company.

• Earnings: GE Aerospace and healthcare grab the spotlight. GE Aerospace reported Q1 2026 adjusted revenue of about 11.6 billion dollars, up 29% year‑on‑year, with adjusted EPS up 25% and free cash flow up 14%, as commercial engines and services surged. Despite the beat and guidance tracking toward the high end of its ranges, GE’s stock still dropped more than 6% as management flagged Middle East uncertainty and investors digested how much good news was already in the price. UnitedHealth also topped revenue expectations at around 111.7 billion dollars and nudged its full‑year EPS outlook above 18.25 dollars per share, underscoring resilient demand for healthcare services.

Why it matters 🧠

1. Geopolitics is steering the “risk‑on” vs “risk‑off” dial.
The Iran conflict and Strait of Hormuz closure have pushed oil higher and injected day‑to‑day volatility into equities, even as headline indexes hover near records. That combination—strong index levels plus jumpy intraday moves—is classic late‑cycle behavior where macro headlines can overwhelm company‑specific fundamentals in the short term.

2. The next Fed chair could reset the market’s playbook.
Kevin Warsh’s testimony reminded investors that the coming Fed regime may lean more heavily on interest‑rate moves and balance‑sheet reduction rather than the ultra‑easy stance markets grew used to in the 2010s. His willingness to keep the door open to rate cuts by year‑end adds to the confusion: stocks and bonds now have to price both a structurally tighter Fed and a possible short‑term easing if growth or inflation slip.

3. Mega‑cap leadership is evolving, not disappearing.
Apple’s CEO transition shows how key AI‑era leadership questions are shifting from “who” to “execution”. Markets’ relatively muted reaction suggests investors are more focused on Apple’s product roadmap and AI strategy than on whether Tim Cook or John Ternus is the name on the door.

4. Earnings are reminding investors where real cash flow comes from.
Blowout numbers from GE Aerospace—double‑digit revenue and earnings growth plus a beefy backlog—highlight how industrials tied to travel and aviation can still put up growth in a geopolitically messy world. Strong results and raised guidance from healthcare bellwethers like UnitedHealth emphasize the defensive cash‑flow power of health insurance and services in uncertain macro conditions.

Opportunity 💡

Lean into quality over headlines.
With the S&P 500 up roughly low‑single‑digits year‑to‑date and small caps even stronger, broad equity exposure has already been rewarded this year, but rising volatility around geopolitics and the Fed argues for upgrading quality rather than stretching for risk. That typically means profitable companies with solid balance sheets and reliable cash flows in sectors like healthcare, high‑end industrials, and select tech.

Think in scenarios around the Fed and oil.
If the ceasefire holds and oil stabilizes, cyclical sectors—industrials, consumer discretionary, even parts of financials—could keep benefiting from the combination of record‑high indexes and still‑resilient earnings. If talks break down or oil spikes further, defensive pockets (healthcare, staples) and energy producers may look relatively more attractive, while rate‑sensitive growth names could stay volatile as markets reassess Warsh’s roadmap.

Watch where execution is beating expectations.
Companies like GE Aerospace, which are pairing strong order books with rising free cash flow and cautious but upward‑biased guidance, often become core compounders rather than short‑term trading stories. Similarly, healthcare names delivering steady beats and raising full‑year guidance—like UnitedHealth this week—tend to hold up better when macro narratives whipsaw.

Treat Apple’s CEO change as a signal, not a shock.
For long‑term investors, the Apple succession is more about continuity of its hardware‑plus‑services strategy than a thesis‑breaker. The subdued share‑price reaction hints that the market is comfortable with the handover, so any short‑term volatility around upcoming earnings could present entry points rather than structural red flags.

Bottom line ✅

Markets are walking a tightrope between record highs and headline risk, with U.S.–Iran ceasefire headlines, Fed leadership questions, and oil prices all tugging on sentiment. Underneath that noise, earnings season is quietly rewarding companies with real pricing power, durable demand, and clean balance sheets—from aerospace to healthcare—even as big‑tech leadership evolves with Apple’s CEO shift. For investors, this is a week to stay invested, stay selective, and let fundamentals—not just the latest headline—drive your decisions.

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Disclaimer: This article constitutes the author’s personal views and is for entertainment and educational purposes only. It is not to be construed as financial advice in any form. Please do your own research and seek advice from a qualified financial advisor. From time to time, I have positions in all or some of the mentioned stocks when publishing this article. This is a disclosure - not a recommendation to buy or sell stocks.

Global stocks are trying to turn a war‑scare into an earnings‑driven rally, with the S&P 500 now creeping back toward record highs as big US banks kick off reporting season and oil prices cool from their peak but stay uncomfortably high.

The single biggest story this week: Q1 earnings season is starting with major US banks posting stronger‑than‑expected profits, helping support the market despite lingering US–Iran tensions and oil volatility.

📈 What’s happening

US stocks have snapped back sharply from their late‑March correction: the S&P 500 has climbed about 10% off its recent low and is now within touching distance of its January record, helped by two strong weeks of gains.

Last week alone, the Nasdaq jumped about 4.7%, the S&P 500 3.6%, and the Dow 3%, marking one of the best weekly performances since November and setting a positive tone heading into earnings.

Big US banks are setting the tone for Q1 results: Goldman Sachs, JPMorgan, Citigroup, Morgan Stanley and Bank of America all report in this opening stretch.
Early out of the gate, Bank of America delivered a roughly 17% year‑on‑year profit jump to about 8.6 billion dollars, while Morgan Stanley shares surged more than 5% after beating expectations, reinforcing the message that US consumers and capital markets remain resilient.

On the macro front, the US–Iran conflict has shifted from all‑out fear to “fragile ceasefire”, with Trump pausing direct military action but threatening a blockade of the Strait of Hormuz, which keeps oil and futures markets jumpy.

Even so, Brent crude has eased back from its 119‑dollar war peak to around 95 dollars, still well above the ~70‑dollar pre‑war level but no longer spiralling higher.

Under the surface, the market is quietly pivoting back to fundamentals: expectations are for the S&P 500 to deliver its sixth straight quarter of double‑digit earnings growth, led by the information technology sector, where profits are projected to rise about 44% year‑on‑year.

Investors now turn to headline names like Netflix, TSMC, ASML and the big US banks, which dominate this week’s “most‑anticipated earnings” lists and could inject fresh volatility if results diverge from the upbeat narrative.

🤔 Why it matters

This week’s setup is about whether earnings can fully wrest back control of the narrative from geopolitics: if companies keep printing strong numbers, markets can justify staying near highs even with expensive oil and unresolved Middle East risks.
Strong bank profits paired with comments about “resilient” US consumers and solid credit quality suggest the real economy is still absorbing higher rates reasonably well, which supports the soft‑landing story equities are pricing in.

At the same time, oil stuck in the 90s, a threatened Hormuz blockade, and Trump’s unpredictable rhetoric mean the war premium hasn’t fully disappeared and can re‑ignite volatility in a single headline.

Add in a still‑elevated 10‑year Treasury yield around 4.26% and you get a backdrop where equities are leaning on earnings growth to offset higher funding costs, leaving little room for disappointment.

For investors, the key tension is simple: valuation and positioning look more comfortable than during the panic, but not cheap, while earnings momentum looks strong but increasingly “priced in”, especially in mega‑cap tech.

That makes this earnings season less about “are things OK?” and more about “are they even better than markets already expect?”, which is a tougher bar to clear.

💡 Opportunity

If you’re constructive on the economy but wary of geopolitics, high‑quality US financials look like a natural hunting ground: the early prints from Bank of America and Morgan Stanley show strong profitability and still‑healthy credit, with share prices that are less stretched than big‑tech peers.

For many investors, that can mean favouring diversified financial ETFs or best‑in‑class franchises over stock‑picking in smaller, more volatile lenders.

For growth exposure, the earnings‑heavy tech and semiconductor names reporting this month (Netflix, TSMC, ASML and others) remain central to the market’s profit engine, but expectations are high and positioning crowded. Here, a sensible play is often scaling in over time and focusing on cash‑generative, profit‑rich leaders rather than chasing every AI or streaming headline into results.

Finally, the energy complex still offers torque to any renewed escalation, with Brent prices well above pre‑war levels even after backing off the peak. But because those returns are tightly tied to an unpredictable geopolitical path and Hormuz shipping risk, energy is better treated as a risk‑management satellite, not a core allocation, for most long‑term portfolios.

✅ Bottom line

Earnings season is taking the baton back from geopolitics: strong early bank results and robust profit forecasts are helping the S&P 500 grind toward new highs, even with oil still elevated and the US–Iran picture unresolved.
For investors, that means leaning on quality and discipline – letting earnings guide your positioning, respecting that good news is partly priced in, and using any headline‑driven swings to upgrade your portfolio rather than chase them

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Disclaimer: This article constitutes the author’s personal views and is for entertainment and educational purposes only. It is not to be construed as financial advice in any form. Please do your own research and seek advice from a qualified financial advisor. From time to time, I have positions in all or some of the mentioned stocks when publishing this article. This is a disclosure - not a recommendation to buy or sell stocks.

Every month, we will update a list of US Growth Stocks with Strong Momentum that we are watching closely. We spend many hours to screen and curate the information.

The screener uses an quantitative framework that designed to identify sustainable growth, companies with strong moats, decent valuations and strong price momentum.

We see few movements this month, with 5 new stock move to the top 10:

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Global stocks just logged their strongest week of 2026 so far, powered by a fragile US‑Iran ceasefire, whipsawing oil prices, and a hotter‑than‑expected inflation print that kept bond markets on edge. Even after the bounce, major indices are still in the red year‑to‑date, so this feels more like a relief rally than a full‑blown trend change.

What’s happening 📰

• Best weekly gains of the year (so far)
  The S&P 500 is on track for about a 3.6% gain this week, its biggest weekly rise of 2026, with the Dow and Nasdaq also up more than 3% heading into Friday’s close. That follows last week’s move that snapped a five‑week losing streak for US stocks, marking a sharp shift from March’s drawdown.

• Ceasefire truce lifts risk assets
  Markets rallied after the US and Iran agreed to a two‑week ceasefire and the reopening of the Strait of Hormuz, easing immediate fears over oil supply disruption. The ceasefire headlines triggered a global relief rally in equities, with travel and cyclicals bouncing, while energy names lagged.

• Oil whipsaws, energy stocks struggle
  Crude prices plunged below 100 dollars a barrel after the ceasefire, before rebounding close to that level as fresh tensions and supply concerns resurfaced. That whiplash saw energy stocks underperform, while consumer discretionary and industrials were among the best‑performing sectors, and most S&P 500 sectors finished higher on the day.

• Inflation surprise keeps yields elevated
  The latest US Consumer Price Index showed inflation running at about 3.3% year‑on‑year in March, the highest in roughly two years and above many expectations. The 10‑year US Treasury yield climbed to around 4.3%, as investors priced in the risk that the conflict‑driven energy shock could keep inflation sticky and delay any policy easing.

• Gold still a key safety valve
  In the background, gold remains close to record territory above 5,100 dollars an ounce, after a surge earlier this year driven by geopolitical risk, central‑bank buying, and doubts about policy credibility. The metal is already up high‑teens percent year‑to‑date, reinforcing its role as the go‑to hedge when investors worry about both war and inflation.

• Early earnings and AI headlines support sentiment
  On the micro side, early reporters like Levi Strauss beat earnings expectations with direct‑to‑consumer revenue growing in the mid‑teens year‑on‑year, hinting that pockets of consumer spending remain resilient. At the same time, Meta’s shares climbed around 2–3% after unveiling a new AI model, adding more fuel to the market’s favourite theme of the moment.

Why it matters 🤔

• Relief rally ≠ all‑clear
  A two‑week ceasefire is positive but temporary, and markets are effectively pricing in the hope that it evolves into something more durable. If talks break down or the Strait of Hormuz is disrupted again, oil could spike and risk assets may give back gains quickly.

• Growth vs inflation tug‑of‑war
  The combination of stronger‑than‑expected inflation and higher long‑term yields tightens financial conditions even as stocks rally on better geopolitical headlines. That tension means investors are walking a fine line between “soft landing” optimism and “stagflation” fear, which can make market moves sharper in both directions.

• Leadership is shifting under the surface
  With consumer discretionary, industrials and tech outperforming while energy lags, leadership has rotated away from the commodity‑and‑defensive mix that worked during the worst of the drawdown. Historically, these kinds of rotations often mark turning points in market narrative—from pure risk‑off to selective risk‑on.

• Safe‑haven demand hasn’t gone away
  Even as equities bounce, gold’s surge to record levels and persistent demand from central banks show that big money is still hedging against policy missteps and geopolitical escalation. That mix of “risk assets up, hedges also up” is a classic sign that confidence is improving, but not fully restored.

Opportunity 💡

• Lean into quality cyclicals, but keep duration in check
  With consumer and industrial names leading the latest leg higher, investors looking for opportunities might focus on high‑quality cyclicals with strong balance sheets and pricing power, rather than the most leveraged plays on reopening or travel. The inflation backdrop and higher yields argue for avoiding overly long‑duration, profitless growth names that are more sensitive to rate repricing.

• Treat energy as a volatility trade, not a one‑way bet
  The ceasefire‑driven sell‑off followed by a rebound in oil underscores that energy is now a geopolitical trading vehicle, not a simple macro bet. That lends itself more to tactical positioning (or options strategies) around clear catalysts than to “set‑and‑forget” exposure.

• Balance AI and defensiveness
  AI‑linked winners like large‑cap tech and select chipmakers continue to benefit from strong sentiment and product headlines, as seen in moves around Meta and chip‑related names this week. Pairing that with defensive income plays or gold‑linked exposure can help smooth the ride if inflation or geopolitical risk flares up again.

• Watch early earnings for guidance, not just beats
  Early reports—like Levi Strauss’ earnings beat and solid direct‑to‑consumer growth—suggest that parts of the consumer are holding up despite higher prices. The more important signal over the next few weeks will be management commentary on demand, margins, and pricing power as the earnings season ramps up.

Bottom line ✅

This week’s action looks like a classic relief rally: a ceasefire in a key conflict, a big bounce in risk assets, and a market eager to believe in a soft landing—even as inflation, yields, and gold all flash that the macro story isn’t fixed yet. For investors, the playbook is to participate selectively in the rebound—especially in quality cyclicals and AI‑beneficiaries—while keeping hedges and risk management front and center in case the ceasefire or inflation narrative turns.

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Disclaimer: This article constitutes the author’s personal views and is for entertainment and educational purposes only. It is not to be construed as financial advice in any form. Please do your own research and seek advice from a qualified financial advisor. From time to time, I have positions in all or some of the mentioned stocks when publishing this article. This is a disclosure - not a recommendation to buy or sell stocks.

Every month, we will update a list of SG top dividends stocks that we are watching closely. We spend many hours to screen and curate the information.

The screener uses 6-component framework. Each component has specific scoring criteria designed to identify sustainable, high-quality dividend stocks.

The top 10 stocks yielded a total return (including dividends) of 14.9% in YTD.

We see some movements this month, with 4 new stock move to the top 10:

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March was a month of contrasts for the stock lists:

• 🇸🇬 SG dividends rebounded strongly, rising 7% in March as local income names regained momentum.

• 🇺🇸 US growth also delivered a solid 5% gain, supported by resilient earnings and still-healthy economic activity.

• 📉 The Tactical ETF sleeve fell 4.5%, with tech weakness weighing on performance as investors rotated out of the sector in favour of other areas of the market.

Macro backdrop: higher-for-longer, oil shock and rotation

Globally, markets are still digesting a “higher-for-longer” interest rate narrative after the US Federal Reserve’s March projections raised 2026 PCE inflation to about 2.7%, up from earlier forecasts, while leaving the policy-rate path broadly unchanged. This combination of sticky inflation and a cautious Fed has kept volatility elevated and made investors more sensitive to sector and style rotations.

At the same time, geopolitical tensions in the Middle East have pushed energy prices higher, fuelling concerns about stagflation and complicating central banks’ efforts to normalise policy. Oil’s spike has fed directly into headline inflation, and policymakers have warned that any further escalation could delay the timing and pace of rate cuts.

Singapore sits in a relatively enviable position in this environment. Private-sector economists have upgraded the Republic’s 2026 GDP growth forecast to about 3.6%, near the upper end of the Government’s 2–4% range, with inflation still expected to average a manageable 1–2%. A resilient domestic backdrop and steady labour market give local blue chips room to sustain earnings and dividends, even if global growth wobbles.

In equity markets, the big story so far this year has been a nascent rotation away from last year’s AI‑fuelled mega-cap tech leaders towards smaller caps and non‑tech sectors. Data for 2026 shows energy, materials, industrials and dividend payers leading, while technology has slipped into negative territory, underscoring how quickly sector leadership can change. This rotation is exactly the kind of environment where income and value strategies can quietly outperform while growth and tech consolidate.

SG Dividends: A 7% rebound

Against this macro backdrop, the Singapore dividend sleeve delivered the standout performance in March, climbing 7% for the month. This rebound comes after a choppy period in early 2026.

Two macro shifts helped dividends regain their footing. First, while the Fed has turned more cautious about cutting quickly, markets are no longer pricing in aggressive further hikes, removing the worst‑case scenario for high‑yield names with leverage. Second, the improved Singapore growth outlook, driven by manufacturing and trade, supports earnings for the STI heavyweights that anchor most dividend portfolios here.

In practical terms, March’s move reminds me why the Singapore income sleeve is the portfolio’s ballast. In an environment where cash yields remain attractive but inflation and policy uncertainty linger, a basket of local banks, defensives and selected REITs continues to offer a mix of 4–6% cash yield plus mid‑single‑digit upside when sentiment turns. Our strategy to hold the best 10 and rebalance monthly work so far. April’s Singapore dividends update will be coming on 11 April – don’t miss this month’s update.

US Growth: 5% gain in a tricky tape

The US growth bucket added 5% in March, a respectable result given the headwinds facing the broader growth and tech complex. While headline indices have been choppy, the underlying US economy has held up better than expected, with solid earnings and continued job growth supporting sentiment.

At the same time, the Fed’s latest projections show higher near‑term inflation but still‑positive real growth, reinforcing a “slow normalisation” rather than an imminent recession. That backdrop tends to favour quality growth — companies with real earnings, strong balance sheets and pricing power — over speculative names that rely on cheap capital.

The 5% gain suggests the portfolio’s US growth exposure is tilted more towards that “quality growth” cohort than the frothier corners of the market. This is important in a year when tech as a sector has slipped into the red, even as selected innovators continue to compound revenue and earnings. Rather than chasing the latest small‑cap AI story, the focus remains on businesses that can grow through different rate regimes. The April update for the US growth will be out on 18 April – don’t miss this month’s update.

ETF sleeve: -4.5% as tech drags

The main laggard in March was the ETF sleeve, which fell 4.5%, largely due to its tech‑heavy composition. This lines up with wider market data showing that tech has been one of the weakest sectors so far in 2026, after a blockbuster run in prior years. With investors rotating into cyclicals, value, small caps and dividend stocks, broad growth‑ or tech‑leaning ETFs have given back some of last year’s outsized gains.

Part of this is simply mean reversion: after the AI boom pulled forward a lot of future returns, even good companies need time for fundamentals to catch up with valuations. The other part is macro — higher real yields and uncertainty over the path of rate cuts disproportionately hurt “long‑duration” assets whose value is tied to cash flows far out in the future.

For this portfolio, the ETF sleeve’s underperformance is not a reason to abandon the strategy, but it does call for a closer look under the hood. If the ETF is overly concentrated in the largest US mega‑cap names, it may make sense to complement it with broader or equal‑weight exposure that benefits more from the current rotation into smaller caps and non‑tech sectors.

Portfolio read-through

Looked at in aggregate, March’s performance is exactly how a barbell portfolio is supposed to behave in a transition year. The Singapore dividend sleeve provided stability and upside as investors rewarded yield and resilience. The US growth sleeve participated in upside where fundamentals remain strong. The tech‑centric ETF absorbed most of the downside from sector rotation and valuation compression.

In a world of higher‑for‑longer rates, energy‑driven inflation risks and shifting leadership across sectors, I’m comfortable leaning into this barbell – anchoring the base with dependable local dividends while keeping targeted exposure to high‑quality US growth and global innovation through ETFs. The key over the next quarter will be to stay disciplined: trimming euphoria in any sharp tech rebound, recycling capital into underloved income names when spreads are attractive, and resisting the temptation to chase every macro headline.

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Disclaimer: This article constitutes the author’s personal views and is for entertainment and educational purposes only. It is not to be construed as financial advice in any form. Please do your own research and seek advice from a qualified financial advisor. From time to time, I have positions in all or some of the mentioned stocks when publishing this article. This is a disclosure - not a recommendation to buy or sell stocks.

Global equities finally caught a break this week as Wall Street snapped a five-week losing streak, even as investors continued to wrestle with war headlines, expensive oil, and a “higher for longer” rate mindset. At the same time, a confidential IPO filing from SpaceX injected fresh excitement into risk assets, underscoring how AI and space remain the market’s defining growth narratives.

What is happening 📈

• US stocks staged a broad relief rally. The S&P 500 rose about 3.4% for the week, while the Nasdaq Composite climbed roughly 4.4%, ending a five-week losing streak as hopes grew that the Iran war might de‑escalate and as earlier declines in oil prices helped sentiment. The Dow Jones Industrial Average also posted its first weekly gain in six weeks, rising close to 3%.

• Volatility stayed elevated but directional pressure eased. After several weeks of heavy selling that pushed the Dow and Nasdaq into correction territory and left the S&P 500 roughly 9–10% below its late‑January high, this week’s move looked more like a bounce within an already volatile regime than a clean trend reversal. The VIX, Wall Street’s fear gauge, has been holding above 30, highlighting that geopolitical risk and rate uncertainty are still being priced aggressively.

• Oil remains north of 100 and extremely headline‑driven. US benchmark crude has been trading above 100 dollars a barrel, its first sustained move above that level since the 2022 Ukraine shock, as the Iran war disrupts supply routes and risk premia stay embedded in energy markets. Over the year to date, oil prices have surged by roughly 75%, making energy the standout outperformer across major asset classes.

• Gold and other defensive assets caught a bid. Gold prices climbed about 4% this week as investors sought hedges against both geopolitical shocks and the risk that inflation proves sticky. Treasuries saw modest yield declines as markets repriced the inflation and growth outlook, but yields remain materially higher than at the start of the easing cycle.

• The Fed is firmly on hold, and markets are pricing fewer 2026 cuts. The Federal Reserve left the federal funds rate unchanged at 3.5–3.75% at its March meeting and signaled that uncertainty around the Middle East and inflation remains elevated. Futures and prediction markets now imply a very high probability that rates will be kept unchanged at the April 29 meeting and only one or even zero cuts over the whole of 2026, a sharp comedown from expectations earlier in the year.

• Macro data are flashing stagflation risk. Recession‑probability models from several large forecasters have moved into the 30–50% range as growth indicators soften and the unemployment rate has ticked up toward the mid‑4s. At the same time, the spike in oil is expected to push key inflation gauges such as PCE back toward the mid‑3% range year-on-year, complicating any case for rapid rate cuts.

• SpaceX quietly filed for what could be the largest IPO in history. On April 1, SpaceX confidentially filed for an initial public offering with US regulators, reportedly targeting a valuation of about 1.75 trillion dollars and testing the waters for a level above 2 trillion dollars. The deal could raise up to 75 billion dollars, eclipsing Saudi Aramco’s 2019 listing and making it the biggest IPO ever if priced near those levels.

• The SpaceX story is really an AI and data‑infrastructure story. The proposed listing is expected to bundle Starlink (satellite internet), xAI (acquired in an all‑stock deal earlier this year), and X, the social network, into a single entity pitched as an orbital and AI data‑center powerhouse. Banks working on the IPO are reportedly being encouraged to buy subscriptions to the Grok AI chatbot, underlining how deeply AI services are being woven into the equity story.

• Breadth and leadership remain unusual. Energy stocks have returned more than 40% year-to-date, massively outperforming the broader equity market and signaling how concentrated performance has become in commodities and value‑tilted sectors. Meanwhile, large‑cap growth and the “Mag 7” have come under sustained pressure as rising yields and profit‑taking weigh on long-duration tech names, even though parts of the AI complex still see strong capital expenditure and demand.

Why it matters 💡

The combination of a relief rally in equities and still‑elevated volatility suggests investors are not yet convinced that the macro shock from the Iran war and the oil spike has been fully priced in. With the S&P 500 still well below its highs and credit markets tightening at the margin, this looks more like a pause in a correction than the start of a new bull leg.

A higher‑for‑longer Fed in the face of rising energy‑driven inflation means real rates could stay restrictive even if headline inflation wobbles lower from month to month. That in turn keeps pressure on highly valued growth stocks whose cash flows are far out in the future and makes earnings quality, balance‑sheet strength, and pricing power more important drivers of returns.

The potentially record‑breaking SpaceX IPO is a reminder that public markets are still hungry for exposure to AI, space infrastructure, and new data platforms, even in a choppy macro environment. A successful listing at or near the rumored valuation would crystallize a huge amount of paper wealth, re-rate comps across space, satellite, and AI ecosystems, and potentially pull investor attention back toward high-growth stories at a time when the macro narrative is increasingly defensive.

At the same time, history shows that mega‑IPOs often mark sentiment extremes in a given theme or sector. The largest debuts of past cycles frequently arrived late in a bull phase, when private valuations were most stretched and public investors were willing to pay up for scale and narrative. That does not guarantee poor long‑term returns, but it does mean price discipline and understanding of underlying cash-flow drivers matter more than ever.

Opportunity 🎯

For long‑term investors, the current setup favors upgrading portfolio quality rather than making big directional bets on where the index trades next week.

• Lean into balance‑sheet strength and durable cash flows. Companies with strong free-cash-flow generation, modest leverage, and genuine pricing power are better positioned if stagflation risks materialize and rates stay restrictive. In practice, that often means large, profitable firms in sectors like healthcare, select industrials, and certain parts of technology rather than unprofitable growth or highly levered cyclicals.

• Treat energy as both opportunity and risk. The energy sector’s spectacular year‑to‑date outperformance reflects genuine cash-flow leverage to higher oil prices, but also leaves it more vulnerable if the conflict cools and crude retraces. Investors looking at energy exposure may want to think in terms of position sizing and time horizon—using the sector as a partial hedge against inflation and geopolitical shocks rather than an all‑in macro bet.

• Look across regions, not just the US. Emerging markets like Korea and Taiwan have been relative winners this year as they benefit from AI‑related capital expenditure and diversified trade links. Selective exposure to markets with improving earnings revisions and less direct sensitivity to the Iran conflict could help diversify portfolios that are heavily concentrated in US mega‑caps.

• AI and space remain structural themes—but entry price matters. The SpaceX filing underlines how AI, satellite connectivity, and data‑center infrastructure are converging into an investable theme that spans semiconductors, cloud providers, launch services, and ground-segment equipment. Rather than trying to guess the eventual IPO pricing, public‑market investors can focus on “picks and shovels”—the hardware, software, and infrastructure providers that enable AI and space applications across many end markets.

• Use volatility intentionally, not reactively. With the VIX elevated and headlines driving intraday swings, this is an environment where disciplined rebalancing, staggered entry points, and—where appropriate and understood—options strategies can help manage risk and improve entry prices. For most investors, that means planning in advance how to respond to 5–10% pullbacks rather than trying to trade every headline.

Bottom line ✅

This week’s bounce is good news, but not an all‑clear: equities showed they can rally even as oil remains high and the Iran war grinds on, yet volatility, valuations, and the rate backdrop argue against complacency. The prospective SpaceX IPO crystallizes how powerful the AI‑plus‑infrastructure story has become, but it also raises familiar late‑cycle questions about how much future growth is already baked into prices.

For a long‑term investor, the playbook is to stay invested but selective—tilting toward quality balance sheets, resilient cash flows, and sensible valuations, while treating energy and AI/space exposure as risk‑managed allocations rather than story‑driven punts. In a market still ruled by geopolitics and policy expectations, time horizon and discipline are as important as stock picking.

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Disclaimer: This article constitutes the author’s personal views and is for entertainment and educational purposes only. It is not to be construed as financial advice in any form. Please do your own research and seek advice from a qualified financial advisor. From time to time, I have positions in all or some of the mentioned stocks when publishing this article. This is a disclosure - not a recommendation to buy or sell stocks.

Global stocks extended their recent slide this week as the Nasdaq slipped into correction territory and the S&P 500 racked up a fifth straight weekly loss. A grinding war in Iran, surging energy prices, and a Federal Reserve that is firmly on hold combined to pressure richly valued growth and AI names, while pushing investors toward energy, commodities, and more defensive corners of the market.​

The most important story this week: a war‑driven energy shock is colliding with stretched tech valuations just as the Fed signals fewer rate cuts ahead, forcing a broader rethink of the post‑AI rally.

What’s happening 📉

• US indices stumbled again. The S&P 500 fell a little over 2% over the past five trading days and is down about 7% from its late‑January high, marking its fifth consecutive weekly decline and its worst monthly stretch in more than three years. The Nasdaq 100 dropped more than 10% from its recent peak, confirming a correction amid heavy selling in large‑cap tech and AI beneficiaries.​

• The Fed stayed sidelined – and sounded wary. At its March 18 meeting, the Federal Reserve kept the federal funds rate unchanged at 3.5% to 3.75% for a second straight time and projected just one rate cut in 2026 and another in 2027, a shallower easing path than many investors had hoped for. Officials explicitly highlighted uncertainty from the Middle East conflict and signaled that higher oil prices could lift inflation expectations, stoking fears that the next move in rates could even be up, not down.

• War in Iran is roiling energy and safe havens. The conflict has disrupted an estimated 17.8 million barrels per day of oil flows through the Strait of Hormuz, with roughly 500 million barrels already cut off, helping keep crude prices in the mid‑90s per barrel. Gold surged above 4,400 as investors sought protection against both geopolitical risk and the possibility of a longer‑lasting inflation shock.

• Sector rotation is well under way. Energy shares have been among the year’s standout performers as oil prices spike, while previously high‑flying technology and software names continue to lose altitude as investors question rich AI‑driven valuations. More cyclical and value‑oriented areas – including materials, industrials, and certain dividend‑paying “asset‑heavy” companies – have held up relatively better as capital rotates away from mega‑cap growth.

• Earnings were light, macro headlines heavy. This was one of the quieter weeks on the earnings calendar, with only a handful of names like PDD Holdings, Chewy, and Carnival on traders’ radar. Instead, price action was dominated by unscheduled developments around the war, moves in oil and gold, and ongoing commentary from Fed officials as markets priced out aggressive rate‑cut scenarios.

Why it matters 🧠

The combination of persistent inflation risk and elevated equity valuations leaves markets more sensitive to negative surprises. The Fed’s message that it is comfortable keeping rates steady while it watches how the Iran conflict feeds into energy prices and inflation expectations reduces the likelihood of a rapid easing cycle that many growth stocks were implicitly banking on.

At the same time, the S&P 500 is still trading at a valuation premium that assumes solid earnings growth and at least a few rate cuts, a stance that becomes harder to justify if energy‑driven inflation proves sticky or if the war drags on longer than markets currently discount. That is why even modest shifts in expectations for oil, growth, or Fed policy are producing outsized swings in richly valued areas like AI‑linked tech, while more reasonably priced sectors have been comparatively resilient.​

Historically, stretches of multiple consecutive weekly declines, like the five‑week losing streak now in place, have often coincided with spikes in volatility but not necessarily with the start of a deep recessionary bear market. Instead, they frequently mark periods when investors reassess leadership, with capital moving away from the prior cycle’s winners and toward sectors better aligned with the new macro backdrop.

Opportunity 💡

For long‑term investors, the current backdrop is less about trying to time every war headline and more about repositioning portfolios for a world where energy remains tight and rate cuts are slower to arrive. One angle is to look at high‑quality energy producers, midstream infrastructure, and broader commodity‑exposed firms whose cash flows can benefit from structurally higher oil prices – while keeping in mind the risk that any durable ceasefire could quickly knock prices lower.

Another potential opportunity lies in “asset‑heavy” companies and value sectors – such as select industrials, materials, and consumer staples – that have lower disruption risk from rapid AI adoption and are trading at more modest multiples than mega‑cap tech. Recent commentary from allocators highlights ongoing rotation away from concentrated bets in a handful of AI leaders toward more diversified exposure across sectors that can still benefit if nominal growth stays reasonably strong.

At the same time, the sharp pullback in high‑quality growth names may eventually set up more attractive entry points for investors who believe in the long‑term earnings power of AI platforms. Analysts remain constructive on companies like Nvidia, Alphabet, and Netflix, arguing that their competitive positions and monetization opportunities remain intact even if near‑term multiples compress. For many, that argues for disciplined approaches such as dollar‑cost averaging rather than all‑in bets on short‑term rebounds.​

Finally, the bid into gold and other perceived safe‑haven assets underlines their role as portfolio diversifiers when geopolitical risk collides with inflation uncertainty. Short‑duration bonds and cash‑like instruments also remain relatively attractive, offering income while reducing exposure to further valuation shocks if rates stay higher for longer.

Bottom line ✅

This week’s most important market story is that war‑driven energy shocks and a more cautious Fed are forcing investors to reassess the AI‑led rally, pushing the Nasdaq into correction and extending the S&P 500’s losing streak. The shift has accelerated a rotation away from expensive mega‑cap growth toward energy, value, and defensive exposures that can better withstand a world of higher‑for‑longer rates and geopolitical uncertainty.​

Looking ahead to next week, traders will watch US flash PMIs, jobless claims, and inflation‑expectations data, along with a handful of closely watched earnings reports from names like GameStop, Chewy, and Carnival, for clues about whether growth is cooling and how quickly the Fed might eventually feel comfortable cutting. In the meantime, the market narrative has clearly shifted from “when do the cuts start?” to “how much risk is already priced into tech and how durable is the energy shock?” – a question that will keep volatility elevated until there is more clarity on both the war and inflation path.

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Disclaimer: This article constitutes the author’s personal views and is for entertainment and educational purposes only. It is not to be construed as financial advice in any form. Please do your own research and seek advice from a qualified financial advisor. From time to time, I have positions in all or some of the mentioned stocks when publishing this article. This is a disclosure - not a recommendation to buy or sell stocks.

Every month, we will update a list of US Growth Stocks with Strong Momentum that we are watching closely. We spend many hours to screen and curate the information.

The screener uses an quantitative framework that designed to identify sustainable growth, companies with strong moats, decent valuations and strong price momentum.

Ytd Feb, the top 10 stocks yielded a total return of -11.3%.

We see few movements this month, with 4 new stock move to the top 10:

Read more

Equities spent the week grinding lower as investors tried to juggle three big forces at once: a grinding war in Iran, a near-vertical move in oil, and a Federal Reserve that isn’t in a hurry to cut rates.

The result: major US indices are down roughly 10% from recent highs, small caps are already in correction, and volatility has crept meaningfully higher.

📉 What’s Happening

• Indices are flirting with correction.
  The S&P 500 fell about 1.9% this week to around 6,506, its lowest close since September and roughly 10% below its record from four months ago.​
  The Dow dropped about 2.1% (roughly 981 points) to 45,577, while the Nasdaq also lost about 2.1% and sits roughly 9.7% off its high.​

• Small caps have already cracked.
  The Russell 2000 has officially entered correction territory, dropping more than 10% from its recent peak as investors dump economically sensitive names.​

• War-driven oil shock is back in the driver’s seat.
  Brent crude is up nearly 50% since the Iran conflict began, recently trading above 114–115 a barrel after fresh strikes on Gulf energy infrastructure and effective closure of key shipping lanes.​
  The International Energy Agency has called this the worst oil supply disruption in history, as the Strait of Hormuz bottleneck strands a big chunk of Middle East output.​

• The Fed stayed put – and signaled just one cut.
  The Federal Reserve kept its benchmark rate unchanged at 3.5–3.75% in an 11–1 vote, citing sticky inflation and only slightly softer growth.​
  Its latest projections (the “dot plot”) now imply just one rate cut in 2026, tempering hopes for a faster easing cycle that markets had been pricing in before the oil spike.

• Market internals have deteriorated fast.
  The S&P 500 has now closed below its 200‑day moving average for the first time since last May, a sign that the uptrend has cracked.
  Only about 18% of S&P 500 stocks are above their 50‑day moving average, and hedge funds dumped an estimated 9.6 billion dollars of US equities in a single day this week – the largest net selling since at least 2022.​

• Volatility is elevated, but not at panic levels.
  The VIX futures curve for late‑March shows roughly a 27% jump over the past month, keeping implied volatility above the “complacent” teens but still far from crisis highs.

• Single‑stock stories are adding pressure, especially in tech.
  AI bellwether Micron fell nearly 4% after guidance failed to live up to lofty expectations, contributing to a broader drag in megacap tech and AI‑linked names.​

🤔 Why It Matters

1. War + oil spike = renewed inflation risk.
A near‑50% surge in crude since the start of hostilities raises the odds of a second inflation wave via higher fuel and transport costs, just as central banks were hoping they were past the worst.​
If energy stays above 100 a barrel for long, it can erode consumer spending power and squeeze corporate margins, forcing the Fed and peers to keep policy tighter for longer.

2. The Fed is boxed in – and markets hate the message.
By holding rates steady and penciling in only one cut this year, the Fed effectively said: “We see risks from inflation and growth in both directions – so we wait.”
Equity investors had been betting on multiple cuts; repricing to a slower path helps explain why rate‑sensitive growth stocks and small caps are underperforming, while defensive sectors see relatively better support.

3. This is behaving like a textbook correction, not (yet) a crisis.
US stocks are down just over 10% from their early‑2026 highs, which technically puts the broad market into correction, but still well short of a 20% bear market.
Strategists like Ed Yardeni see the Iran war driving a 10–15% pullback – painful but historically normal, and potentially a reset of stretched valuations after the S&P started the year trading around 22 times forward earnings.

4. Positioning has flipped from “buy the dip” to “get me out.”
Earlier in the year, every wobble was met with aggressive dip‑buying at key moving averages; now, flows show systematic and hedge‑fund sellers dominating, and “buy‑the‑dip” demand showing up later and more cautiously.
That shift in psychology can deepen short‑term drawdowns, but it also means a lot of de‑risking has already happened – setting up more asymmetric upside once macro headlines stabilize.

💡 Opportunities

1. Energy and quality defensives are built for this tape.
With oil up nearly 50% since the conflict began and energy infrastructure under threat, integrated oil majors, refiners, and select oil‑service names are obvious beneficiaries and have already started to outperform broader indices.​
Goldman Sachs notes that while markets will likely weather the conflict, rising energy costs are a real headwind, and suggests investors tilt toward energy, quality value, and defensive sectors that can pass on inflation.​

2. Corrections in high‑quality growth can be entry points – not exit points.
The Morningstar US Market Index and S&P 500 have both dropped more than 10% from peaks, with technology leading the decline after an extended AI‑driven run.
For investors with multi‑year horizons, staggering entries into cash‑rich, structurally growing companies during 10–15% drawdowns has historically delivered strong forward returns – provided earnings hold up.

3. Global diversification still matters.
While US markets have corrected, they remain underpinned by AI infrastructure spending, resilient earnings, and the prospect of eventual rate cuts in the second half of 2026.
Regions directly exposed to oil exporters and the Middle East corridor (for example, some GCC and European markets) face a different mix of risks and opportunities, which argues for a diversified, global equity allocation rather than a single‑market bet.​​

4. Stay disciplined on risk management.
With volatility higher and news‑flow binary, tools like position sizing, staggered buying, and predefined stop‑loss or hedge levels matter more than macro guessing.
Professional flows show hedge funds already slashing risk; for individual investors, the key edge is usually time horizon and discipline, not speed.

✅ Bottom Line

The market is digesting a three‑way shock: a grinding war in Iran, the sharpest oil spike in years, and a Fed that’s in no rush to ease.
That mix has pushed US stocks into correction territory, cracked key technical supports, and flipped sentiment from “buy the dip” to “sell the rip.”
But history suggests corrections driven by external shocks and valuation resets often become opportunities, not the start of a structural bear market – especially when earnings remain resilient and central banks still have room to cut later.

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Disclaimer: This article constitutes the author’s personal views and is for entertainment and educational purposes only. It is not to be construed as financial advice in any form. Please do your own research and seek advice from a qualified financial advisor. From time to time, I have positions in all or some of the mentioned stocks when publishing this article. This is a disclosure - not a recommendation to buy or sell stocks.

This week, markets were hit by a rare combo of an oil price shock, a weak US jobs report, and renewed questions around AI spending.

US stocks swung violently and ultimately finished the week lower, even as AI heavyweight Broadcom delivered standout earnings.​

📈 What’s happening

• Oil went vertical on Iran war fears.
  After US and Israeli strikes on Iran, crude spiked, with US oil ending the week around 90.90 dollars and Brent 92.69 dollars, marking the biggest weekly gain on record and a roughly 36% jump in just one week.​
  Earlier in the week, oil had already surged 7–9% on headlines about disrupted traffic through the Strait of Hormuz.

• Stocks sold off into the weekend.
  The S&P 500 fell from 6,878.88 at the prior Friday’s close (Feb 27) to about 6,769.03 by March 6, a drop of roughly 1.6% for the week.
  On Friday alone, the Dow dropped 453 points (~0.9%), the S&P 500 fell 1.3%, and the Nasdaq slid 1.6%.​​

• A surprisingly weak US jobs report rattled investors.
  The US economy lost 92,000 jobs in February, versus expectations for a gain of about 50,000, and the unemployment rate ticked up to 4.4% from 4.3%.​
  Treasury yields fell after the data, with the 10‑year drifting toward 4.13%, as traders reassessed growth and Fed-cut timing.​​

• Fear rotated money into defensives, energy, and defense.
  Airlines and travel names were among the hardest hit as higher fuel costs and Middle East disruption weighed on sentiment.
  By contrast, oil majors and defense contractors saw renewed interest as higher crude prices and geopolitical risk supported their earnings outlooks.

• Broadcom was the standout single-stock story.
  Broadcom reported Q1 revenue of 19.31 billion dollars, up 29% year-on-year, and non‑GAAP EPS of 2.05 dollars, beating analyst estimates.
  Management guided for 22 billion dollars of Q2 revenue (up 47% YoY) and highlighted that AI semiconductor revenue more than doubled year-on-year to 8.4 billion dollars, sending the stock up about 5% in after-hours and subsequent trading.

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🤔 Why it matters

• Oil shock + weak jobs = stagflation worries.
  A sudden 30%+ weekly move in oil raises the risk that inflation re-accelerates just as growth data softens, a classic stagflation scare.
  That combination makes the Fed’s job harder: cutting rates too quickly risks reigniting inflation, but staying tight into weaker labor data risks a sharper slowdown.

• Market leadership is getting stress-tested.
  Before this week, the S&P 500 was only modestly positive for 2026 (around 0.5% year‑to‑date as of Feb 27), leaving little cushion against shocks.​
  The latest pullback, led by growth and tech names, shows how quickly sentiment can turn when investors question AI capex, export risks, and stretched valuations.​​

• Yet AI infrastructure demand still looks structurally strong.
  Broadcom’s 29% revenue growth and booming AI chip sales suggest that hyperscaler spending on AI hardware remains robust, even as public-market enthusiasm cools.
  That divergence—volatile AI stock prices vs. strong AI fundamentals—is likely to keep dispersion high within the tech sector.​​

• Volatility itself is now a key macro variable.
  The VIX spiked to around 23.75, reflecting a jump in demand for downside protection and signaling that investors are bracing for larger daily swings.​
  Elevated volatility tends to compress valuation multiples and reward balance-sheet strength, consistent cash flows, and “sleep‑at‑night” characteristics.​​

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💡 Opportunity

• Energy: pricing power, but don’t chase every spike.
  Integrated oil and gas producers stand to benefit directly from higher realized prices and stronger cash flow, especially after a record weekly move in crude.
  However, if diplomacy cools tensions and shipping normalizes in the Strait of Hormuz, some of this risk premium can unwind quickly—favor phased entries and quality balance sheets over short‑term trades.

• Defense: geopolitical risk as a structural tailwind.
  With the Iran conflict adding to an already elevated global risk backdrop, defense spending looks more likely to rise than fall over the medium term, supporting order books at major contractors.
  For long-term investors, the key is not the headline of the week, but multi‑year budget trajectories and contract visibility.​

• Quality income stocks in the crossfire.
  Broad-market de‑risking often pulls down high‑quality dividend payers alongside more speculative names, even if their fundamentals are more resilient.
  This kind of tape can create opportunities to accumulate strong free‑cash‑flow, pricing‑power businesses at more reasonable multiples as investors rush for the exit indiscriminately.​​

• Using higher volatility to get paid.
  With the VIX in the 20s, option premiums on broad indices and liquid large caps are richer, improving the risk/reward for covered calls and cash‑secured puts—provided position sizing and margin are handled conservatively.​
  Income‑oriented investors can lean into selling volatility on names they’re happy to own long term, instead of trying to time short‑term macro headlines.​​

• AI enablers over AI hype.
  Broadcom’s print reinforces the case for picks‑and‑shovels AI winners—chipmakers and infrastructure providers with clear revenue visibility—versus more speculative application-layer stories.
  Pullbacks driven by macro fear rather than company-specific deterioration can be an entry point into profitable AI infrastructure names with disciplined capital allocation.​​

📌 Bottom line

This week was all about an energy shock colliding with softer growth data, forcing markets to rapidly reprice the path for inflation, rates, and earnings.
For investors, the playbook is less about predicting the next headline from the Middle East and more about positioning for higher‑for‑longer volatility—with quality balance sheets, durable cash flows, and selective exposure to structural themes like AI and energy at the core.

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Disclaimer: This article constitutes the author’s personal views and is for entertainment and educational purposes only. It is not to be construed as financial advice in any form. Please do your own research and seek advice from a qualified financial advisor. From time to time, I have positions in all or some of the mentioned stocks when publishing this article. This is a disclosure - not a recommendation to buy or sell stocks.