US stocks weekly: Mishmash

ServiceTitan

13/12/2024 22:02

** S&P 500  .SPX  snaps three-week winning streak, finishes down 0.6%  .N 
    ** Nasdaq Composite  .IXIC  breaks above 20K mark for the first time, ekes out fourth straight weekly advance, while the Dow  .DJI  retreats 1.8%, extends losing run to three weeks
** U.S. 10-Year Treasury yield  US10YT=RR  ascends to around 4.4%, set for first rise in four weeks, to highest since Nov 22
    ** Nearly every sector declines: Materials and bond-proxies sag most, while just Consumer Discretionary and Communication Services lift
** Materials  .SPLRCM  melt 2.9%. Steelmakers Nucor  NUE.N , Steel Dynamics  STLD.O  biggest sector losers after UBS downgrades. NUE and STLD fall 12% and ~11%, respectively, on the week
** Healthcare  .SPXHC  droops 2.4%. Health insurers fall on potential legislation aimed at breaking up pharmacy-benefit managers. Cigna  CI.N  and CVS Health  CVS.N  both shed ~11%
** Industrials  .SPLRCI  slide 2.3%. GE Vernova  GEV.N  down after power equipment maker forecasts lower 2025 rev in wind segment
However, Boeing  BA.N  up 10% on week after planemaker commits $1 bln to help increase 787 jet production
** Energy  .SPNY  drops 2.1%. Exxon Mobil  XOM.N  forecasts higher capex in 2025; shares fall
** Consumer Staples  .SPLRCS  dip 0.7%. Costco  COST.O  inches higher Fri after qtrly sales, profit beats with analysts calling for continued long-term growth. Still, COST ends week down 0.3%
But Walgreens  WBA.O  is top sector sector performer, up 21%, after report pharmacy chain in talks to sell itself to PE firm Sycamore Partners
And Kroger  KR.N  up after US court blocks $25 bln merger with grocer Albertsons  ACI.N , KR adds to gains after initiating $7.5 bln share buyback program
Hershey  HSY.N  jumps on Mon after reported Mondelez  MDLZ.O  takeover approach, then HSY surrenders some of those earlier gains on Weds after report main owner, The Hershey Trust, rejected the Oreo cookie maker's offer
Meantime, MDLZ rises on 'bolt-on' acquisition strategy, new $9 bln buyback plan
** Tech  .SPLRCT  ticks down 0.2%. Adobe  ADBE.O  slides on downbeat FY25 rev forecast on slower subscription spending, and Oracle  ORCL.N  falls after qtrly results miss on stiff cloud competition
Nvidia  NVDA.O  down after China opens investigation on co over suspected violation of antimonopoly law
On the bright side, Broadcom  AVGO.O  rises Weds on reported collaboration with Apple  AAPL.O  to develop AI chip, then surges to $1 trillion market value on Fri and lifts chip index after optimistic outlook. AVGO notches 25% weekly gain
    For the week, semiconductor index  .SOX  gains 1.8%
** Consumer Discretionary  .SPLRCD  up 1.4%. Tesla  TSLA.O  accelerates to record high, stretches rally in wake of U.S. presidential election as EV maker seen benefiting from CEO Musk's relationship with Trump
** Communication Services  .SPLRCL  score 2.4% gain. Google parent Alphabet  GOOGL.O  leaps >8% after introducing new quantum-computing chip called Willow
Warner Bros Discovery  WBD.O  jumps on plan to split TV and streaming units
** Meanwhile, bulls back down in latest individual investor sentiment survey, though software maker ServiceTitan  TTAN.O  soars in stellar debut in encouraging sign for the IPO market
    ** SPX performance YTD:
     
 Comm   43.1
 Svcs   %
 Tech   38.5
        %
 Discr  35.4
 etion  %
 ary    
 Finan  31.0
 cials  %
 SPX    26.9
        %
 Utils  21.7
        %
 Indus  20.1
 trial  %
 s      
 Stapl  16.5
 es     %
 Real   6.3%
 Estat  
 e      
 Energ  5.7%
 y      
 Mater  3.7%
 ials   
 Healt  3.1%
 hcare  
 
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@tr.com))