U.S. stocks weekly: Springy

Astera Labs,

22/03/2024 20:35

** S&P 500  .SPX  jumps 2.3% for best week this year on
rate-cut optimism  .N 
    ** Benchmark Treasury yield  US10YT=RR  drops as Fed sticks
to 75 bps rates cut forecast for 2024
    ** Indeed, amid change of seasons, and crushed historical
volatility on both VIX  .VIX  and MOVE  .MOVE , SPX and 10-Year
Yield look primed for some fireworks 
    ** This, as dearth of S&P 500 index 2%-or-more down days has
traders on edge 
    ** Still, record closing highs have been rolling in
    ** Nearly every sector blooms: Communication Services most
green, while just Real Estate hangs on to winter 
    ** Communication Services  .SPLRCL  vaults 4.8%.
Google-parent Alphabet  GOOGL.O  climbs on reported Apple
interest in co's Gemini for iPhone AI features, and gains with
Wall Street talking up AI prospects
    ** Tech  .SPLRCT  surges 2.9%. Chipmaker Micron  MU.O  hits
record high as AI demand powers strong forecast. MU notches ~18%
gain
    Nvidia  NVDA.O  exerts AI dominance with new offerings.
Stock gains >7%, rises for an 11th-straight week 
    Semiconductor index  .SOX  lifts 3%
    Though Apple  AAPL.O  falls after DOJ sues co alleging it
monopolized smartphone markets
    ** Industrials  .SPLRCI  ascends 2.9%. FedEx  FDX.N  soars
on profit beat, improved margins in Express unit
    ** Consumer Discretionary  .SPLRCD  advances 2.8%. But
Lululemon  LULU.O  hits 5-month low on FY rev forecast miss, and
Nike  NKE.N  trips to 6-month low as switch to newer styles
clips first-half sales outlook
    ** Financials  .SPSY  rise 1.9%. Amid post-FOMC euphoria,
group scores first record close in more than 2 years. Can
outperformance continue?
    S&P 500 Banks index  .SPXBK  rallies >3%
    ** Materials  .SPLRCM  up 1%. International Paper  IP.N 
appoints new CEO; stock hits over 1-yr high
    ** Real estate  .SPLRCR  dips 0.4%. Equinix  EQIX.O  slides
after Hindenburg Research takes short position, saying data
center REIT's adj FFO overstated
    ** Meanwhile, on the IPO front, social media platform Reddit
 RDDT.N  roars, finishes up 48% in robust public debut, and chip
firm Astera Labs  ALAB.O  scores 72% gain in eye-popping debut
    ** SPX performance YTD:
    
    
 
 
 (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))