From Peter Callahan, Goldman trader and TMT Sector Specialist
Another week that left little doubt about this bull market run with the NDX logging a 2% weekly gain (best week since mid-Jan), the S&P notching its 15th record high this year and major global indices now ‘breaking out’ (Japan & India new ATHs, Germany up 8 days in a row, etc). For good measure, the NDX is now up >70% since Jan’23, with only one ~10% pullback along the way (Fall’23). Decent little run we are on.
Hat tip to the hardware sector last week with some eye popping moves: PSTG / DELL +37% on the week, NTAP +20%, AMD / WDC / MRVL +15%, STX / NTNX / MU / CIEN +10% (to some degree, perhaps ‘funded’ by AAPL -1.5% on the week?) as the market is showing an increased willingness to explore new areas of A.I. ‘spend’ (e.g. think: smaller A.I. tailwinds on lower multiple stocks = bigger A.I. impacts on higher multiple stocks).
