U.S. stocks weekly: Strong first half

Savers Value Village

30/06/2023 21:37

** S&P 500  .SPX  records 2.3% weekly gain, stretches YTD
advance to ~16%  .N 
    ** Indeed, SPX finds a floor on Mon  urn:newsml:reuters.com:*:nL1N38J0RB, then
rallies 4-straight days
    ** This, as Dow Jones Industrial Average  .DJI  appears to
have an inverse head & shoulders as continuation pattern
 urn:newsml:reuters.com:*:nL1N38L0N2, and as U.S. 10-year Treasury yield  US10YT=RR 
flirts with trend line  urn:newsml:reuters.com:*:nL1N38M1K6
    ** In the end, SPX posts biggest quarterly gain since Q4
2021  urn:newsml:reuters.com:*:nL1N38M1BQ, while Nasdaq Composite  .IXIC  scores its
best first-half start (up 31.7%) in 40 years  urn:newsml:reuters.com:*:nL1N38I0PS, and
Nasdaq 100  .NDX  (up 38.8%) has its best first 6 months of a
year in its history  urn:newsml:reuters.com:*:nL1N38L1SR
    ** Every sector lifts on the week as real estate and energy
surge
    ** Real estate  .SPLRCR  ascends 5%. Boston Properties
 BXP.N  notches ~12% gain as SL Green  SLG.N  sells 50% interest
in NYC office property  urn:newsml:reuters.com:*:nL1N38I1R8
    ** Energy  .SPNY  adds 4.8%. Group rises as crude prices
settle higher  O/R 
    ** Industrials  .SPLRCI  climb 3.9%. Delta Air Lines  DAL.N 
rises after raising rev forecast  urn:newsml:reuters.com:*:nL4N37Z1Z0
    ** Financials  .SPSY  jump 2.9%. Bank shares rally after
passing annual stress test  urn:newsml:reuters.com:*:nL1N38L1H9
    S&P 500 Banks index  .SPXBK  and KBW Regional Banking index
 .KRX  up ~4% and ~3%, respectively
    ** Tech  .SPLRCT  leaps 2.9%. Apple's  AAPL.O  market cap
climbs above $3 trln  urn:newsml:reuters.com:*:nL1N38M1TT, though memory chipmaker
Micron  MU.O  falls as China ban, price pressure seen as
headwinds  urn:newsml:reuters.com:*:nL4N38L2WI
    Semiconductor index  .SOX  shakes off mid-week scare on
report the U.S. may put new curbs on China AI chip exports
 urn:newsml:reuters.com:*:nL1N38K0X6, finishes up ~5%
    ** Consumer Discretionary  .SPLRCD  up 2.5%. Carnival Corp
 CCL.N  cruises 19% higher as analysts upgrade  urn:newsml:reuters.com:*:nL4N38M1U7,
raise PTs after upbeat results  urn:newsml:reuters.com:*:nL4N38J3L5. But Nike  NKE.N 
trips on Fri as weak N. America demand drives muted outlook
 urn:newsml:reuters.com:*:nL4N38M2CI
    ** Consumer Staples  .SPLRCS  edge up 0.6%. Though Walgreens
 WBA.O  loses 9% after annual profit forecast cut  urn:newsml:reuters.com:*:nL4N38J3CM,
and General Mills  GIS.N  sheds ~6% on downbeat annual forecast
as price hikes impact demand  urn:newsml:reuters.com:*:nL4N38K24Q
    ** Meanwhile, Savers Value Village Inc  SVV.N  pops, Kodiak
Gas  KGS.N , Fidelis Insurance  FIHL.N  drop as IPO market
recovers  urn:newsml:reuters.com:*:nL1N38L269
    ** 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))