U.S. stocks weekly: Cushioned

Hawaiian Holdings

08/12/2023 21:42

** S&P 500  .SPX  rises for 6th-straight week, edges up
0.2%, buoyed by soft landing hopes  .N 
    ** Nasdaq  .IXIC  also rises for sixth week in a row,
boosted by broader strength
    ** This as bitcoin  BTC=  builds on its big breakout
    ** Despite SPX weekly rise, majority of sectors lack
support: energy and materials softest, while communication
services most bolstered; this with growth  .IGX  beating value
 .IVX  in 2023, but shaky into year end
    ** Communication Services  .SPLRCL  up 1.3%. Google-parent
Alphabet  GOOGL.O  surges Thurs as Wall Street cheers new AI
model, Gemini, but stock dips Fri, ends up >2% for the week
    ** Tech  .SPLRCT  up 0.7%. Advanced Micro  AMD.O  leaps >6%
after launching new AI chip, rivaling Nvidia  NVDA.O 
    Broadcom  AVGO.O  falls after below-consensus rev forecast
on weak enterprise spending, but turns around later in week,
gains 1.5%
    Semiconductor index  .SOX  rises ~1%
    ** Industrials  .SPLRCI  edge up 0.3%. Hawaiian Holdings
 HA.O  shares surge after $1.9 bln buyout deal with Alaska
Airlines  ALK.N . But ALK descends >10% on the week
    JetBlue  JBLU.O  soars ~17%, leads airline stocks higher
after improved outlook. NYSE Arca Airline index  .XAL  ascends
~13%
    ** Healthcare  .SPXHC  ticks up 0.2%. CVS  CVS.N  advances
~10% on upbeat 2024 rev forecast, also unveils new pharmacy
reimbursement program, CostVantage
    ** Materials  .SPLRCM  down 1.7%. Gold miners fall on
strengthening dollar, yields. ARCA Gold Bugs index  .HUI  slides
>6%
    ** Energy  .SPNY  sags 3.3%. Group falls as oil prices
falter, then rises Fri as Russia, Saudi Arabia lobby for OPEC+
supply cuts  O/R . NYMEX Crude oil futures  CLc1  break $70,
down 7-straight weeks
    ** Meanwhile, Uber  UBER.N   rises as stock set to join S&P
500 
    ** 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))