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RPT-BUZZ-U.S. stocks weekly: New bull in town

·1 min read

(Repeats from Friday, no changes to text. Adds chart) ** S&P 500 enters new bull market, posts 0.7% gain ** That said, a bearish setup doubles down, in what may be, the calm before a storm ** This as the new-high fanfare was a bit muffled ; the NYSE Composite is among the sour notes ** As for the SPX, there may be a canary in the silver mine , while the Nasdaq is driving on flat tires ** In any event, just a minority of sectors advance: Tech and consumer discretionary charge ahead, while financials and energy stumble ** Tech surges 3.5%. Nvidia best in group, gains 10%, as analysts say chipmaker to dominate gaming, data center markets. Apple tops $2 trln in market value ** Consumer discretionary jumps 2.4%. Target leaps ~13% on bumper qtr as online sales nearly triple amid COVID-19 pandemic. Home Depot reports record sales as demand for DIY products surges. But Kohl's slides after sales warning, drags peers lower ** Consumer staples edges up 0.2%. Walmart beats on profit, posts record online sales on pandemic boost ** Financials flop 3.4%. Banks and insurance stocks fall as weekly jobless claims cross 1 mln again . KBW Bank index drops 6% ** Energy tumbles 6.1%. NYMEX Crude weakens later in week on sluggish coronavirus recovery. U.S. oil and natural gas rig count increased for the first time since March, but VanEck Vectors Oil Services ETF still plunges 12% ** Meanwhile, when it comes to the S&P's new highs, it's better late, than never ** SPX performance YTD: (Lance Tupper and Terence Gabriel are Reuters market analysts. The views expressed are their own)