US stocks weekly: AI ascendancy
BUZZ-US stocks weekly: AI ascendancy ** S&P 500 .SPX climbs third straight week, adds 0.4% as the AI trade eclipses U.S.-Iran negotiations stalemate .N
** Dow .DJI dips 0.6%, while tech-heavy Nasdaq Composite .IXIC inches up 0.1%
** Indeed, with fresh records in hand, the S&P 500 turns in a positive week
** And Nasdaq pennant breakout puts record highs back in play
** U.S. 10-year Treasury yield US10YT=RR ticks up to 4.69% area US/
** Vast majority of sectors lift: Energy vaults, while Consumer Discretionary slumps
** Energy .SPNY surges 7.3%. Sector gains as crude rises on Hormuz uncertainty, notches biggest weekly gain since Oct 2022 O/R
** Financials .SPSY up 0.9%. Nvidia NVDA.O said it partnered with Apollo APO.N, BlackRock BLK.N, Blackstone BX.N, Brookfield BAM.N, Goldman Sachs GS.N and KKR KKR.N to raise $500 bln for AI buildout, propelling alternative asset manager stocks
** Tech .SPLRCT up 0.2%. Memory storage co Sandisk SNDK.O rockets 35% on week as executives tout growth and contract pipeline, encouraged by strong demand amid rapid AI infrastructure expansion
AI server maker Super Micro SMCI.O soars after upbeat annual rev forecast on data center adoption
Intel INTC.O initially falls after upsized $20 bln share sale to fund chip contract manufacturing business, then recovers, finishes week slightly in the green
Semiconductor index .SOX up 0.5%
Network equipment maker Cisco CSCO.O falls despite upbeat 2027 rev forecast, as expectations were high for AI-linked firms
Similarly, chip equipment maker Applied Materials AMAT.O drops as strong outlook fails to impress amid lofty investor hopes
** Materials .SPLRCM lose 0.9%. That said, all that glitters is rallying again. Spot Gold XAU= up 0.7% for the week, PHLX Gold/Silver Index .XAU adds 0.5%
** Consumer Discretionary .SPLRCD slides 2%. Tapestry TPR.N tumbles on soft rev forecast amid Kate Spade weakness
** Meanwhile, wait-and-see crowd grows as bulls ease — AAII. And, From Iran to Anthropic: What prediction markets are pricing in
** SPX performance YTD:
Energy | 37.8% |
Tech | 23.9% |
Industrials | 20.1% |
Materials | 14.3% |
SPX | 13.7% |
Real Estate | 13.0% |
Staples | 9.9% |
Healthcare | 8.0% |
Financials | 6.0% |
Utils | 3.5% |
Comm Svcs | 1.2% |
Discretionary | 0.5% |
(Lance Tupper and Terence Gabriel are Reuters market analysts. The views expressed are their own)
((lance.tupper@tr.com ; terence.gabriel@tr.com))