US stocks weekly: Mishmash
16/12/2024 11:00
(Repeats from Friday with no changes to text. Updates chart)
** 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:
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SP 500 2024 YTD THROUGH DECEMBER 13 https://fingfx.thomsonreuters.com/gfx/buzz/klpyqjjrapg/SP%20500%202024%20YTD%20through%20Dec%2013.jpg
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(Lance Tupper is a Reuters market analyst. The views expressed
are his own)
((lance.tupper@tr.com))