Where Smart Money Flows | Wall Street's Nine-Week Streak Ends as Singapore Banks Edge Higher

Weekly Market Update

Major U.S. stock indexes snapped a nine-week winning streak last week, as a stronger-than-expected May jobs report reignited rate-hike concerns and a Friday semiconductor selloff erased early-week gains. For the week of June 1–5, the $S&P 500 Index (.SPX.US)$ fell 2.6%, the $Nasdaq Composite Index (.IXIC.US)$ dropped 4.7%, and the $Dow Jones Industrial Average (.DJI.US)$ slipped 0.3%. The $CBOE Volatility S&P 500 Index (.VIX.US)$ surged 40% as hedging demand returned. West Texas Intermediate crude rose about 3% amid Middle East volatility, while spot gold fell 5% and Bitcoin slid nearly 18% — its weakest level since September 2024. May payrolls rose 172,000, topping expectations for a third straight month, pushing Treasury yields higher and lifting market-implied odds of a Fed rate hike by year-end.

In Singapore, the $FTSE Singapore Straits Time Index (.STI.SG)$ edged up 0.24% for the holiday-shortened week, even as the benchmark retreated 0.4% on Friday to close at 5,049.96, tracking a broader pullback across Asian markets. Analysts noted that near-term moves in Singapore equities continue to be driven more by U.S. market direction and external fund flows than by a deterioration in local fundamentals, with first-quarter GDP and April CPI already largely priced in.

Trading Heat Lists

According to last week's moomoo trading data, let's take a look at which companies everyone bet on:

Marvell Surges 29% on Huang Endorsement and S&P 500 Entry

$Marvell Technology (MRVL.US)$ recorded a 28.52% weekly gain to top the U.S. heat list, fueled by Nvidia CEO Jensen Huang's declaration at COMPUTEX that Marvell could be the "next trillion-dollar company" for AI data-centre connectivity. The rally accelerated after S&P Dow Jones Indices confirmed Marvell will join the S&P 500 on June 22, a move that could draw passive inflows. Nvidia's prior US billion strategic investment added further credibility to the networking-chip narrative. Marvell's surge stood out against a bruising week for semiconductors, underscoring how stock-specific catalysts can still dominate even when the broader AI complex sells off.

Broadcom Tumbles 14% as AI Outlook Falls Short of Sky-High Expectations

$Broadcom (AVGO.US)$ fell 13.66% despite reporting fiscal Q2 revenue of US.2 billion and AI semiconductor sales that more than doubled year-on-year to US.8 billion. The selloff reflected a classic "priced for perfection" unwind: management reiterated, rather than raised, its fiscal 2027 AI revenue target above US billion, while Q3 AI guidance of US billion landed below some analyst estimates. The disappointment spilled into the wider chip complex on Friday, dragging memory, custom-ASIC and mega-cap AI names lower even as underlying demand commentary from CEO Hock Tan remained constructive.

Micron Extends Gains as AI Memory Trade Proves Resilient

$Micron Technology (MU.US)$ rose 11.02% last week, remaining among the most-traded U.S. names on moomoo even as profit-taking hit parts of the semiconductor sector. Traders continued to treat high-bandwidth memory as a core AI infrastructure bet, with Micron benefiting from sold-out capacity and a string of analyst target upgrades following its push above a US trillion market capitalisation in late May. The stock's resilience during a volatile week suggests memory demand remains a favoured expression of the AI buildout — even when custom-chip leaders such as Broadcom disappoint on guidance.

Let's also take a look at which Singapore stocks were active over the past week:

Local Banks Touch Record Highs as Wealth Expansion Lifts DBS and OCBC

$DBS (D05.SG)$ and $OCBC Bank (O39.SG)$ were the standouts on the Singapore heat list, rising 1.50% and 2.31% respectively in a week when the STI managed only a modest gain. Both lenders tagged fresh record highs early in the week — DBS after unveiling plans to expand its Asia-Pacific wealth centre footprint, and OCBC as Bank of Singapore sharpened its focus on ultra-high-net-worth clients. The move reinforced Singapore banks' role as the default quality-and-yield trade for local investors, supported by robust GDP growth and contained inflation. Friday's regional pullback saw both stocks ease — DBS slipped 0.6% and OCBC 0.3% — tracking U.S. rate fears rather than any bank-specific shock, but the week still left financials doing much of the index's heavy lifting.

Singapore Airlines Gains 2.8% as Travel Names Lead the STI

$SIA (C6L.SG)$ rose 2.80%, emerging as one of the stronger blue-chip performers as investors rotated toward travel plays within the STI. The flag carrier was the index's top gainer on Wednesday, climbing 3.7% in that session, as improving passenger demand and stable yield commentary supported the stock. It offered a useful counterweight to the week's tech-linked volatility elsewhere in the portfolio.

Singtel Drifts Lower in Post-Earnings Consolidation

$Singtel (Z74.SG)$ slipped 1.15% on lighter turnover, continuing to digest its May full-year results and cautious near-term EBIT guidance. With the record 18.5-cent dividend now in the market and Singapore mobile competition still intense, the stock remains in a consolidation phase rather than a fresh rerating phase. It stayed among the most-traded local names on moomoo, but the week was more about positioning than a new catalyst.

AEM Slides 8% as Global Semiconductor Selloff Spreads to Singapore

$AEM SGD (AWX.SG)$ fell 7.98% — the weakest performer on the Singapore heat list — as the global semiconductor selloff finally caught up with one of 2026's best local performers. After a powerful run tied to AI/HPC test demand and a 20% uplift to FY2026 revenue guidance in mid-May, the stock faced natural profit-taking once Broadcom's earnings reset sentiment across the chip complex. The long-term AI testing thesis remains intact, but the week's move shows how quickly high-beta Singapore tech names can reverse when U.S. hardware leaders wobble.

Weekly Trends

This week, market attention turns to inflation and a fresh wave of technology earnings. May CPI on Wednesday is the headline macro release: investors will watch whether headline inflation stays hot on energy while core pressure eases — a mix that could keep both rate-hike and rate-cut narratives alive. May PPI follows on Thursday, with upstream price pressure still a concern for freight, materials and transportation costs. On earnings, $Oracle (ORCL.US)$ reports after Tuesday's close, with Adobe following Thursday — both will be read as tests of whether AI spending is translating into durable cloud and software revenue.

In the U.S., Friday brings the preliminary University of Michigan consumer sentiment reading and the long-awaited SpaceX IPO pricing, with shares expected to launch around US on June 12. After May's 172,000 payroll gain, markets are unlikely to price imminent Fed easing; instead, investors will weigh whether softer core CPI can cap the hawkish repricing. In Singapore, with no major local macro releases scheduled, STI direction is likely to remain linked to U.S. inflation prints and global tech sentiment rather than a shift in domestic fundamentals.

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