** S&P 500 snaps 3-week losing streak, rises 2.7% as megacap tech stocks rally
** Indeed, did this week suggest it was time for a turn?
** Nasdaq entered the week due for relief, and potentially getting closer to washed out, surges >4%, posts biggest weekly gain since early Nov
** But for the SPX, it's still a tale of two moving averages
** Every sector gains as Technology, Consumer Discretionary and Communication Services provide largest boosts
** Tech charges up 5.1%. Semiconductor-testing equipment maker Teradyne climbs after upbeat forecast and chip stocks outperform on Thurs on signs of strong AI spend
Microsoft rises as AI adoption across its cloud services drive profit, rev beat
On the flip side, IBM falls after announcing HashiCorp buyout, rev miss, and chipmaker Intel tumbles on Fri as Q2 forecast disappoints
Still, semiconductor index jumps 10% for its best week since late May
** Consumer Discretionary vaults 3.5%. Tesla
bounces 14% after new affordable cars promise
Hasbro surges on profit beat as leaner inventories, steady digital gaming rev helped offset waning toys demand
** Communication Services leap 2.7%. Google-parent Alphabet spikes on first-ever dividend, results beat
Though Facebook/Instagram parent Meta sinks as AI spending splurge spooks
** Industrials advance 1.8%. GE Aerospace ascends after 2024 profit forecast lift
** Healthcare up 0.7%. Sleep apnea device maker ResMed jumps 22% as results beat estimates
** Energy up 0.7%. On Fri, Exxon Mobil declines after Q1 profit miss, and Chevron dips early though ultimately ekes out small gain after Q1 rev miss
** Meanwhile, AAII Bull-Bear spread negative for first time since early Nov
** 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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