U.S. stocks weekly: Tech support

Hashicorp

26/04/2024 21:45

** S&P 500  .SPX  snaps 3-week losing streak, rises 2.7% as
megacap tech stocks rally  .N 
    ** Indeed, did this week suggest it was time for a turn?
    ** Nasdaq  .IXIC  entered the week due for relief, and
potentially getting closer to washed out, surges >4%, posts
biggest weekly gain since early Nov
    ** But for the SPX, it's still a tale of two moving averages
    ** Every sector gains as Technology, Consumer Discretionary
and Communication Services provide largest boosts
    ** Tech  .SPLRCT  charges up 5.1%. Semiconductor-testing
equipment maker Teradyne  TER.O  climbs after upbeat forecast
and chip stocks outperform on Thurs on signs of strong AI spend
    Microsoft  MSFT.O  rises as AI adoption across its cloud
services drive profit, rev beat
    On the flip side, IBM  IBM.N  falls after announcing
HashiCorp  HCP.O  buyout, rev miss, and chipmaker Intel  INTC.O 
tumbles on Fri as Q2 forecast disappoints
    Still, semiconductor index  .SOX  jumps 10% for its best
week since late May
    ** Consumer Discretionary  .SPLRCD  vaults 3.5%. Tesla
 TSLA.O  bounces 14% after new affordable cars promise
    Hasbro  HAS.O  surges on profit beat as leaner inventories,
steady digital gaming rev helped offset waning toys demand
    ** Communication Services  .SPLRCL  leap 2.7%. Google-parent
Alphabet  GOOGL.O  spikes on first-ever dividend, results beat
    Though Facebook/Instagram parent Meta  META.O  sinks as AI
spending splurge spooks
    ** Industrials  .SPLRCI  advance 1.8%. GE Aerospace  GE.N 
ascends after 2024 profit forecast lift
    ** Healthcare  .SPXHC  up 0.7%. Sleep apnea device maker
ResMed  RMD.N  jumps 22% as results beat estimates
    ** Energy  .SPNY  up 0.7%. On Fri, Exxon Mobil  XOM.N 
declines after Q1 profit miss, and Chevron  CVX.N  dips early
though ultimately ekes out small gain after Q1 rev miss
    ** Meanwhile, AAII Bull-Bear spread negative for first time
since early Nov
    ** 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))