** S&P 500 rises for 6th-straight week, edges up 0.2%, buoyed by soft landing hopes
** Nasdaq also rises for sixth week in a row, boosted by broader strength
** This as bitcoin 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 beating value
in 2023, but shaky into year end
** Communication Services up 1.3%. Google-parent Alphabet surges Thurs as Wall Street cheers new AI model, Gemini, but stock dips Fri, ends up >2% for the week
** Tech up 0.7%. Advanced Micro leaps >6% after launching new AI chip, rivaling Nvidia
Broadcom falls after below-consensus rev forecast on weak enterprise spending, but turns around later in week, gains 1.5%
Semiconductor index rises ~1%
** Industrials edge up 0.3%. Hawaiian Holdings
shares surge after $1.9 bln buyout deal with Alaska Airlines . But ALK descends >10% on the week
JetBlue soars ~17%, leads airline stocks higher after improved outlook. NYSE Arca Airline index ascends ~13%
** Healthcare ticks up 0.2%. CVS advances ~10% on upbeat 2024 rev forecast, also unveils new pharmacy reimbursement program, CostVantage
** Materials down 1.7%. Gold miners fall on strengthening dollar, yields. ARCA Gold Bugs index slides >6%
** Energy sags 3.3%. Group falls as oil prices falter, then rises Fri as Russia, Saudi Arabia lobby for OPEC+ supply cuts . NYMEX Crude oil futures break $70, down 7-straight weeks
** Meanwhile, Uber rises as stock set to join S&P 500
** 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))
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