U.S. stocks weekly: Bit by bit
Repeats from Friday with no changes to text. Updates chart
** 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:
SP 500 2024 YTD THROUGH NOVEMBER 22 https://fingfx.thomsonreuters.com/gfx/buzz/zgpoajrwjpd/SP%20500%202024%20YTD%20through%20Nov%2022.jpg
(Lance Tupper and Terence Gabriel are Reuters market analysts. The views expressed are their 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.
