U.S. stocks weekly: Bit by bit

Reuters

U.S. stocks weekly: Bit by bit

Nov 22, 2024 at 9:38 pm GMT

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** S&P 500 .SPX gains 1.7%, ends back within 1% of its record highs .N

** Indeed, post-election animal spirits had faded, but not gone, and now SPX appears back on track for new highs

** This, while the U.S. 10-Year Treasury yield US10YT=RR continues to struggle to overwhelm the resistance line from its Oct 2023 high

** Nearly every sector makes progress: Consumer Staples posts biggest rise, while just Communication Services dips

** Consumer Staples .SPLRCS advance 3.1%. Walmart WMT.N hits record high after raising annual forecasts

In contrast, Target TGT.N sinks 18% on week after downbeat holiday season outlook

** Materials .SPLRCM advance 2.9%. Gold miners rise as bullion prices go higher. Newmont NEM.N up ~6%. Spot gold XAU= on pace for biggest weekly gain since Mar 2023

** Industrials .SPLRCI strengthen 2.5%. Deere DE.N leaps 12% after profit beat overshadows tepid 2025 outlook

** Energy .SPNY up 2.3%. Natgas firms gain on colder weather forecasts. EQT Corp EQT.N among top sector performers, up 7.5%

Oil prices rise as Ukraine war intensifies O/R

** Consumer Discretionary .SPLRCD ascends 1.6%. Tesla TSLA.O up after report Trump team planning self-driving vehicle regulations. TSLA rallies 10%

Retailers up sharply for 2nd day on Fri after upbeat results

** Tech .SPLRCT up 1.5%. Super Micro SMCI.O jumps after auditor appointment, Nasdaq compliance plan. SMCI surges 78% on week

Nvidia NVDA.O teeters on Thurs, ends session fractionally higher as supply snags limit deliveries amid continued booming demand for AI chips

Semiconductor index .SOX gains 2.5%, as support is holding

** Communication Services .SPLRCL edge down 0.3%. Google parent Alphabet GOOGL.O tumbles after DOJ says Google must divest Chrome browser to restore competition

Netflix NFLX.O extends climb after Paul-Tyson fight to new record high. NFLX registers ~9% weekly gain for best such showing since Jan

Comcast CMCSA.O rises on plan to spin off some cable TV networks as streaming dominates

** Meanwhile, bitcoin BTC= flirts with $100k. Brace yourself, but bitcoin may about to go mainstream

** SPX performance YTD:

Financials	34.5%
Tech	33.9%
Comm Svcs	31.7%
Utils	27.9%
SPX	25.1%
Industrials	24.7%
Discretionary	23.3%
Staples	16.4%
Energy	15.4%
Real Estate	9.8%
Materials	9.5%
Healthcare	5.5%