Vietnam Insight

Legal disputes arise over Trump-era tariffs. US stock futures edged lower on Friday as investors braced for the latest PCE price index report, the Federal Reserve’s preferred measure of inflation. Market sentiment was also weighed down by trade-related uncertainty amid ongoing legal disputes over President Donald Trump’s tariffs. A federal court had initially blocked most of the tariffs, ruling they were unlawfully imposed. However, a US appeals court reinstated them on Thursday afternoon, adding to investor uncertainty over the future direction of trade policy. In after-hours trading, Gap Inc. fell 15% following weak second-quarter revenue guidance, while Dell Technologies rose 2% after reporting stronger-than-expected sales for the first quarter. During Thursday’s regular session, the major indexes posted modest gains: the Dow rose 0.28%, the S&P 500 gained 0.4%, and the Nasdaq Composite advanced 0.39%. Nvidia led the rally, beating quarterly estimates thanks to robust demand for AI chips, despite export restrictions to China.

Resistance around the recent peak. VNINDEX closed at 1,341.86 (+0.01 points, +0%) with liquidity around the average level. The market had 163 stocks increasing and 162 stocks decreasing, with differentiation between industry groups during the session. The stocks contributing the most to the market's increase were VHM, VRE, EIB while CTG, FPT, HVN contributed to the market's decrease. Foreign investors net sold more than 256 billion, the value mainly concentrated in CTG and GEX stocks.

Trading Strategy: Investors are temporarily holding off on buying stocks that have already seen strong gains, as capital may shift toward stocks trading below their 200-day or 50-day moving averages. For new buying positions, priority can be given to real estate and banking stocks that are trading at low levels with a consolidation base; however, the allocation should remain modest.