U.S. stocks weekly: Triple sixes

Reuters

U.S. stocks weekly: Triple sixes

Oct 18, 2024 at 8:39 pm GMT

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** S&P 500 .SPX extends winning streak to six weeks, adds 0.9%, nears 6k milestone .N

** This as all three major Wall Street benchmarks have risen six weeks in a row

** Though will this echo from the past haunt the S&P 500, just as it faces hurdles stacked up around 6k?

** Indeed, record highs have felt good, but maybe too good?

** This as the broader market spreads its wings

** And traders wonder if the Nasdaq composite's .IXIC new highs drought is about to end, as they wait with bated "breadth"

** Nearly every sector rolls on: Utilities biggest winner, while just Healthcare and Energy come up empty

** Utilities .SPLRCU soar 3.4%. Dominion Energy D.N notches ~7% weekly gain as Amazon.com AMZN.O signs agreement with the co to develop nuclear power technology called small modular reactors (SMRs) to meet data center demand

** Financials .SPSY advance 2.4%. Goldman Sachs GS.N jumps after investment banking powers Q3 profit beat, and banks rise as top lenders surpass earnings expectations

For the week, S&P 500 banks index .SPXBK up 1.6%, while KBW regional banking index .KRX lifts ~3%

** Materials .SPLRCM rally 1.9%. Gold miners rise as bullion edges past $2,700/oz mark. Newmont NEM.N up ~6%

** Tech .SPLRCT tacks on 0.8%. On Tues, Nvidia NVDA.O retreats from record on report U.S. weighs capping its AI chips exports to some countries, and Dutch chip equipment maker ASML's ASML.O downbeat 2025 sales forecast drags down swath of semi industry

As a result, KLA Corp KLAC.O worst SPX performer, suffers ~16% weekly loss

Though on Thurs, NVDA hits all-time high, chip stocks rally after TSMC's TSM.N strong Q3 results

Still, Semiconductor index .SOX sheds 2.4% on week

** Industrials .SPLRCI climb 0.6%. United Airlines UAL.O soars 20%, propels peers higher after stronger profit forecast

Boeing BA.N slips on Mon after preliminary results, job cuts, 777X jet delivery delay, then rises on Tues after announcing plans for up to $25 bln combined equity/debt raise and $10 bln credit agreement

** Communication Services .SPLRCL up 0.3%. Netflix NFLX.O surges as Q3 results spur investor confidence

** Healthcare .SPXHC drops 0.6%. Insurer Elevance Health ELV.N slumps on 'perfect storm of underperformance', drags down rivals. Group falls further on Fri after CVS CVS.N withdraws 2024 outlook, co names David Joyner as CEO

** Energy .SPNY falters 2.6%. Falling crude prices weigh on energy firms on China demand woes, easing fears of supply disruption amid Iran-Israel conflict O/R

** Meanwhile, individual investor bears make a leap

** SPX performance YTD:

Tech	33.3%
Utils	29.3%
Comm Svcs	28.3%
Financials	26.5%
SPX	23.0%
Industrials	22.0%
Staples	15.6%
Materials	14.3%
Discretionary	12.5%
Healthcare	12.2%
Real Estate	11.5%
Energy	8.6%