U.S. stocks weekly: Upswing

Arista Networks

13/05/2024 11:00

(Repeats from Friday with no changes to text. Updates chart)
    ** S&P 500  .SPX  gains for a third straight week, rises
1.9% on renewed rate-cut hopes  .N 
    ** Indeed, Nasdaq Composite  .IXIC  has been revving back
up, while the SPX has been building back up
    ** This, as the benchmark Treasury yield  US10YT=RR  tries
to keep its head above the Cloud
    ** And the Dow  .DJI  has been streaking back toward 40k;
scores 8-straight days of gains, longest win streak since Dec of
last year
    ** Every sector climbs as bond proxies, economically
sensitive plays vault
    ** Utilities  .SPLRCU  surge 4%. NRG Energy  NRG.N  soars to
record high after posting Q1 profit vs year-earlier loss
    ** Materials  .SPLRCM  leap 2.6%. Chemicals co International
Flavors & Fragrances  IFF.N  jumps after Q1 results beat
    Gold miners, including Newmont Corp  NEM.N , rise as US rate
cut optimism lifts bullion's appeal. NYSE ARCA Gold Bugs Index
 .HUI  rallies ~5%
    ** Industrials  .SPLRCI  add 2.3%. Emerson Electric  EMR.N 
gains on 2024 profit forecast boost
    ** Communication Services  .SPLRCL  advance 2%. Though
Disney  DIS.N  tumbles on shrinking TV business
    ** Healthcare  .SPXHC  up 1.9%. Mettler-Toledo Int'l  MTD.N 
jumps ~21% on medical equipment maker's FY profit forecast
raise, Q1 earnings beat
    ** Tech  .SPLRCT  up 1.4%. Arista Networks  ANET.N  jumps on
strong Q2 rev outlook, buyback plan. But software firm Epam
Systems  EPAM.N  sheds 24% after downbeat Q2 forecast on
"challenging demand environment"
    Semiconductor index  .SOX  up ~2%
    ** Energy  .SPNY  rises 1.4%. Though group declines Fri as
crude prices drop more than 1%  O/R 
    ** Consumer Discretionary  .SPLRCD  edges up 0.2%. Airbnb
 ABNB.O  slumps on weak Q2 rev forecast
    ** Meanwhile, "Sell in May and go Away," not as wise as it
used to be?
    ** SPX performance YTD:    

    <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
SP 500 2024 YTD THROUGH MAY 10    https://tmsnrt.rs/3yoLMCx
    ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>
 (Lance Tupper and Terence Gabriel are Reuters market analysts.
The views expressed are their own)
 ((lance.tupper.tr.com@reuters.net
lance.tupper@tr.com
terence.gabriel.tr.com@reuters.net
terence.gabriel@tr.com))