Vietnam Insight

US technology stocks continue to lead the rally. US stock futures were broadly unchanged on Friday after major equity benchmarks surged to fresh record highs in the previous session, driven by strong gains in technology shares. During Thursday’s regular trading, the S&P 500 and Nasdaq Composite advanced 0.77% and 0.88%, respectively, with both indexes closing at new all-time highs. The Dow Jones Industrial Average also climbed 0.74%, reclaiming the key 50,000 mark. Technology stocks led the rally, with Cisco Systems soaring 13.4% after lifting its revenue and earnings guidance. Nvidia also jumped 4.4%, extending its monthly gain to 15% after the US approved shipments of H200 chips to 10 Chinese companies. The move came during President Donald Trump’s visit to Beijing alongside leading tech executives, as the US-China summit helped ease concerns over mounting global economic headwinds. In after-hours trading, Cerebras rose 6% following the artificial intelligence chipmaker’s stock market debut.

Accumulate at the peak. The VN-Index closed the trading session at 1,925.46 points (+27.09 points, +1.43%), with trading volume lower than the average of the last 20 sessions. 165 stocks rose in price, while 128 declined. Stocks positively impacting the index included VIC, VHM, and VCB; while GVR, VCK, and GEE negatively affected the index. Foreign investors made net purchases of VND 261 billion, mainly focusing on VIC, MSN, and SSI.

Trading Strategy: At this stage, investors may consider focusing on stocks with sideways accumulation price structures and strong earnings growth, rather than concentrating solely on fluctuations of the VN-Index (which has been heavily influenced by the VIC group). Based on our observations, many stocks in sectors such as real estate, banking, construction materials, retail and securities have exhibited accumulation price patterns, improving business performance, and are suitable for investors to accumulate ahead of Q2 and Q3/2026 earnings results.

Buy Recommendation: FOX

Current trading portfolio: VGC, PDR, VPB

Watchlist: HPG, FOX, KDH, HDB