Broker: OCBC Investment Research
Date of Report: 22 July 2025

Global Markets Pulse: S&P 500 Hits Record High Amid Earnings Surge, Asian Tech Rally, and Singapore’s Top Stocks to Watch

Market Overview: Mixed Performance Across Regions as Earnings Season Drives Sentiment

The latest market commentary reveals a landscape of cautious optimism as global equity markets respond to robust earnings, shifting economic narratives, and geopolitical developments. In the United States, the S&P 500 broke new ground, while European indices faced headwinds and Asia saw a resurgence led by technology shares. Investors are closely tracking earnings results, central bank policy expectations, and geopolitical trade discussions.

United States: S&P 500 Breaks 6,300, Earnings Season in Focus

A broad-based rally led by communication services and Big Tech, including Alphabet, saw the S&P 500 closing above 6,300 for the first time, albeit with a modest 0.14% gain as late-session trading erased much of the day’s progress. The Nasdaq Composite rose 0.38%, while the Dow Jones Industrial Average slipped marginally by 19.12 points (0.04%). Treasuries saw yields fall, with the 2-year note at 3.85% and the 10-year at 4.37%.

• Telecoms and tech stocks set the pace, with Verizon surging 4.6% post-earnings and Alphabet gaining 2.7% ahead of its own results.
• Of the 62 S&P 500 companies reporting so far, over 85% have exceeded expectations.
• This week, companies representing about 20% of the S&P 500’s market capitalization report results—Tesla and Alphabet are in focus.
• Large-cap tech stocks, with their premium valuations, are under pressure to deliver strong results. A weaker US Dollar could provide a tailwind, partially offsetting tariff pressures.
• US-EU trade talks are intensifying as the 1 August deadline approaches, with both sides exploring potential deals and countermeasures.

Europe: Stoxx 600 Retreats as Earnings Disappoint

The Stoxx Europe 600 Index fell by 0.88%, with healthcare and media lagging, while miners outperformed. European corporations are on track for a 4.6% year-on-year profit decline in Q2, slightly better than analyst forecasts, reflecting a mixed earnings season.

Asia: Hong Kong Tech Rally, Regional Indices Advance

The MSCI Asia Pacific Index posted a 0.2% gain, erasing earlier losses. Hong Kong’s Hang Seng briefly topped the 25,000 mark, its highest since February 2022, buoyed by renewed optimism in tech and increased southbound investment flows from China. Futures indicate modest gains for Hong Kong and Sydney, while Tokyo is set for a flat open as trading resumes.

Singapore Market Snapshots: Solid Gains and Sector Performance

Market turnover was unchanged at SGD 1,386.6 million, with volume down by 5.7%. The 52-week range for the Straits Times Index stands at 3,198.4 – 4,225.8, with 350 gainers and 217 losers.

World Indices, Commodities & FX: Key Levels

Latest Equity Research Highlights: Key Stock and Sector Calls

OCBC Investment Research provides timely updates on top stocks and sectors, with a focus on momentum, strategic positioning, and potential catalysts. Below are the latest coverage highlights:

Singapore’s STI Blue-Chip Analysis: Market Capitalisation, Valuations, and Broker Recommendations

The Straits Times Index (STI) constituents provide a barometer for Singapore’s equity market, with a strong focus on banks, real estate, and industrials. Below is a comprehensive overview of the largest Singapore-listed companies, including their market caps, valuation metrics, and analyst recommendations.

Other notable blue chips include CapitaLand Investment Ltd/Singapore (CLI SP), CapitaLand Ascendas REIT (CLAR SP), Thai Beverage PCL (THBEV SP), Yangzijiang Shipbuilding Holdings Ltd (YZJSGD SP), Genting Singapore Ltd (GENS SP), Seatrium Ltd (STM SP), Mapletree Pan Asia Commercial Trust (MPACT SP), Mapletree Logistics Trust (MLT SP), Mapletree Industrial Trust (MINT SP), UOL Group Ltd (UOL SP), DFI Retail Group Holdings Ltd (DFI SP), City Developments Ltd (CIT SP), Keppel DC REIT (KDCREIT SP), SATS Ltd (SATS SP), Frasers Centrepoint Trust (FCT SP), Venture Corp Ltd (VMS SP), and Frasers Logistics & Commercial Trust (FLT SP). These companies reflect strong dividend yields, stable earnings, and robust analyst coverage.

Conclusion: Navigating High Expectations in a Dynamic Global Market

Global markets are navigating a critical earnings season, with technology leaders and financials at the forefront of investor attention. Singapore’s equity landscape remains anchored by blue-chip stability and sectoral opportunities, while Asia’s tech optimism and shifting US-European trade dynamics add further complexity. Investors should remain vigilant, monitor earnings surprises, and track macro and policy developments to stay ahead in a changing financial landscape.