US stocks end week on up note, Nasdaq 100 snaps five-day slump

Emily Forgash / Bloomberg08-22 02:11

US stocks rose on Friday, finishing the week on an upbeat note that saw the Nasdaq 100 end a five-day losing streak as data revealed bustling business activity and bitcoin soared.(Aug 21): US stocks ...

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The gains halted a week-long slide by tech shares, which have stumbled as long-dated Treasury yields climbed to their highest level since 2007.\nStocks got a lift in part from S&P Global gauges that showed US business activity grew at its fastest pace in more than four years. \nMeanwhile, bitcoin rallied for a fifth straight day, with the currency soaring as much as 9.4%, the biggest intraday move since February, to more than US$79,000 ($100,306). Strategy Inc shares gained 6.1% with other cryptocurrency-linked stocks following suit.\n\"The strong trigger in bitcoin was driven by Treasury's move to buy back bonds at the longer end of the yield curve,\" Bernstein analysts wrote in a note, referring to the Treasury Department's announcements this week of expanded bond repurchases. \"We are not macro experts, but we do know bitcoin historically has had a positive reaction to liquidity expansion.\"\nFriday's gains weren't enough to keep the S&P 500 from posting its first losing week in a month as the US 10-year yield moved slightly higher to 4.73% and crude oil touched nearly US$95 per barrel, the highest level in four weeks.\nWhipsaw week\nThe Treasury's buyback action, meant to rein in long-term yields, was a catalyst for moves across markets. While stocks and bonds initially got a lift from the Wednesday announcement of expanded buybacks, the gains soon fizzled, with markets ending lower on Thursday even after Treasury Secretary Scott Bessent said he might further expand the efforts. \n\"The reversal suggests investors remain focused on the fundamentals behind elevated yields rather than the mechanics of Treasury buybacks,\" Mark Malek, chief investment officer of Muriel Siebert & Co, wrote in a note. \"Inflation uncertainty, large deficits, debt supply, and term premium remain difficult for policymakers to overcome through market operations alone.\"\nIf the department's plan doesn't tame yields, that would pressure the dollar and spur short bets against riskier assets in the leadup to the November midterm elections, according to $Bank of America Corp(BAC-N)$ strategist Michael Hartnett. That could mean increased bearish wagers against AI hyperscalers in the coming weeks. Hedge funds have already begun diversifying beyond the volatile artificial intelligence trade, according to Goldman Sachs strategists.\n\"I think it's probably backfired, it's probably pushed him to do more to follow through,\" said Patrick Armstrong, chief investment officer of Plurimi Wealth, on Bloomberg Television, commenting on Bessent's tactics. \"Anytime you try to control 30-year yields, it's always going to be the market that wins, unless you're the Fed that has the unlimited balance sheet. You can't do that as the Treasury secretary.\"\nLooking ahead\nBessent will provide more details on the Treasury Department's plans during a press conference on Monday, which could give traders clarity on where yields might go. And toward the end of next week, the market could gain even more clues on the direction for rates with Federal Reserve chairman Kevin Warsh set to speak at Jackson Hole Economic Policy Symposium on Friday.\nThe AI trade will get a stress test next week with Nvidia Corp set to report earnings after the market closes on Wednesday. Nvidia is leading an effort by financial firms to raise US$500 billion to finance the AI build-out as it hopes to assure its investors that there are plenty of deep-pocketed firms ready to finance its clients, particularly startups such as Anthropic and OpenAI. Traders will watch for insights into demand for Nvidia's chips and the company's financing plans.\nIn single-stock moves, Ross Stores Inc gained 4.4% after the discount retailer boosted its earnings forecast for the full year. The company said comparable-store sales growth was supported by \"both an increase in new customers and higher engagement from existing customers\", marking a shift from Walmart Inc's earnings on Thursday, which saw the lowest comparable sales growth in years.\nSectors to watch\n\nThe tech sector was in focus, with Broadcom Inc in talks to raise more than US$60 billion in debt for an AI chip financing deal that will benefit Anthropic PBC and other companies. Broadcom shares gained 1%.\nThe benchmark KBW Bank Index, which had slumped in recent weeks with bond and yield instability, gained 0.98%. Top investment banks like Morgan Stanley and Citigroup Inc outperformed.\nMining stocks rose as bullion trades at its highest price since May, extending gains after the US Treasury's unexpected ramp-up in buybacks of long-dated government debt.\n\nUploaded by Chng Shear Lane","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"isLaohu8Offline":false,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.47.1","shortVersion":"4.47.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2661219406","isCrawlerRequest":true}