U.S. stocks weekly: Tech support
Repeats from Friday with no changes to text. Updates chart
** S&P 500 .SPX snaps 3-week losing streak, rises 2.7% as megacap tech stocks rally .N
** Indeed, did this week suggest it was time for a turn?
** Nasdaq .IXIC entered the week due for relief, and potentially getting closer to washed out, surges >4%, posts biggest weekly gain since early Nov
** But for the SPX, it's still a tale of two moving averages
** Every sector gains as Technology, Consumer Discretionary and Communication Services provide largest boosts
** Tech .SPLRCT charges up 5.1%. Semiconductor-testing equipment maker Teradyne TER.O climbs after upbeat forecast and chip stocks outperform on Thurs on signs of strong AI spend
Microsoft MSFT.O rises as AI adoption across its cloud services drive profit, rev beat
On the flip side, IBM IBM.N falls after announcing HashiCorp HCP.O buyout, rev miss, and chipmaker Intel INTC.O tumbles on Fri as Q2 forecast disappoints
Still, semiconductor index .SOX jumps 10% for its best week since late May
** Consumer Discretionary .SPLRCD vaults 3.5%. Tesla TSLA.O bounces 14% after new affordable cars promise
Hasbro HAS.O surges on profit beat as leaner inventories, steady digital gaming rev helped offset waning toys demand
** Communication Services .SPLRCL leap 2.7%. Google-parent Alphabet GOOGL.O spikes on first-ever dividend, results beat
Though Facebook/Instagram parent Meta META.O sinks as AI spending splurge spooks
** Industrials .SPLRCI advance 1.8%. GE Aerospace GE.N ascends after 2024 profit forecast lift
** Healthcare .SPXHC up 0.7%. Sleep apnea device maker ResMed RMD.N jumps 22% as results beat estimates
** Energy .SPNY up 0.7%. On Fri, Exxon Mobil XOM.N declines after Q1 profit miss, and Chevron CVX.N dips early though ultimately ekes out small gain after Q1 rev miss
** Meanwhile, AAII Bull-Bear spread negative for first time since early Nov
** SPX performance YTD:
SP 500 2024 YTD THROUGH APRIL 26 https://tmsnrt.rs/3Wnnm6v
(Lance Tupper and Terence Gabriel are Reuters market analysts. The views expressed are their own)
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