U.S. stocks weekly: Momentum

NetApp

01/03/2024 21:39

** S&P 500  .SPX  rises 2nd straight week, gains ~1% as
inflation data, Fed comments ease interest rate angst  .N 
    ** Nasdaq  .IXIC , after a more than 2-year wait, finally
sets new high
    ** With this, the benchmark SPX index has now risen
16-out-of-the last-18 weeks, something it last did in 1971
    ** That said, traders have concerns, such as oscillator
divergence, and did the market get too skewed? 
    ** And with S&P 500 record highs, investment advisors pretty
bulled up, while individual investor bears are "unusually" low
    ** Still, so far in 2024, Momentum  MTUM.K  has set the pace
    ** Majority of sectors race higher: Tech sprints ahead of
the pack, while Healthcare backpedals most
    ** Tech  .SPLRCT  adds 2.5%. NetApp  NTAP.O  soars 20.5% on
week to highest since 2000 after cloud provider's strong
results, forecast
    Heavyweight chipmaker Nvidia  NVDA.O  extends rally, along
with smaller rival Advanced Micro Devices  AMD.O  as Wall Street
hunts for more AI gold. And now, AI-demand potential charges up
memory chipmakers. Micron  MU.O  advances >10%
     Semiconductor index  .SOX  jumps ~7%
    ** Consumer Discretionary  .SPLRCD  up 2%. Norwegian Cruise
Line  NCLH.N  jumps on upbeat Q1 profit forecast, lifts peers
    ** Industrials  .SPLRCI  lift 1%. Though Boeing  BA.N  slips
Fri on report to buy its struggling former subsidiary, supplier
Spirit AeroSystems  SPR.N , and Spirit confirms acquisition
discussions
    ** Communication Services  .SPLRCL  dip 0.3%. Google parent
Alphabet  GOOGL.O  falls as co pauses Gemini AI tool due to
image generation inaccuracies
    ** Utilities  .SPLRCU  sag 0.6%. Xcel Energy  XEL.O  loses
16% from potential Texas wildfire liability
    ** Healthcare  .SPXHC  drops 1%. UnitedHealth  UNH.N 
tumbles after report of antitrust investigation, while insurer
says "Blackcat" ransomware group behind hack at its tech unit
    ** Meanwhile, so long Tesla  TSLA.O , Nvidia is the new
retail king
    ** 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))