U.S. stocks weekly: On tenterhooks
** S&P 500 .SPX rises third consecutive week, inches up just 0.2% as Nvidia's NVDA.O highly-awaited report dominates the headlines .N
** In the end, vast majority of sectors coolheaded: Financials unflappable, while Technology taken aback
** Financials .SPSY advance 2.9%. Warren Buffett's conglomerate Berkshire Hathaway BRKa.N hits $1 trillion in market value for first time
** Consumer Staples .SPLRCS up 0.8%. However, Dollar General DG.N plunges 33% as intensified competition for budget-conscious shoppers fuels forecast cuts
** Consumer Discretionary .SPLRCD dips 0.2%. Bath & Body Works BBWI.N sinks after annual sales forecast cut, and Ulta Beauty ULTA.O sags after reducing 2024 forecasts on slowing demand for higher-priced cosmetics and fragrances
On the flip side, Best Buy BBY.N jumps 14% after electronics retailer hikes earnings outlook as cost controls pay off
** Communication Services .SPLRCL slip 0.7%. Paramount Global PARA.O slides as Edgar Bronfman abandons bid for media firm
** Tech .SPLRCT sheds 1.5%. AI-chip bellwether NVDA falls as forecast fails to meet lofty investor expectations
In contrast, Intel INTC.O rises Fri on report of weighing options, including foundry split, to stem losses
Still, Semiconductor index .SOX loses >1% on the week
Super Micro Computer SMCI.O slumps 29% after server maker delays filing annual report following Hindenburg's short position disclosure
But CrowdStrike CRWD.O gains as cybersecurity firm's Q2 rev beat eclipses forecast cut in aftermath of July global Windows outage
** Meanwhile, Treasury debt deluge capitalizes on Fed easing outlook
** SPX performance YTD:
|
(Lance Tupper is a Reuters market analysts. The views expressed are his own)
</body></html>Related Assets
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
