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U.S. stocks weekly: Cushioned



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** 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:

Tech

52.0%

Comm Svcs

49.0%

Discretionary

36.2%

SPX

19.9%

Industrials

10.5%

Financials

5.1%

Materials

5.0%

Real Estate

2.0%

Healthcare

-3.1%

Staples

-5.3%

Energy

-7.3%

Utilities

-10.9%




(Lance Tupper and Terence Gabriel are Reuters market analysts. The views expressed are their own)

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