{"id":43276,"date":"2023-11-07T01:26:52","date_gmt":"2023-11-07T01:26:52","guid":{"rendered":"https:\/\/prosfunds.com\/markets\/stock-market-correction-is-over-after-broad-surge-amid-epic-market-rallies\/"},"modified":"2023-11-07T01:26:54","modified_gmt":"2023-11-07T01:26:54","slug":"stock-market-correction-is-over-after-broad-surge-amid-epic-market-rallies","status":"publish","type":"post","link":"https:\/\/prosfunds.com\/?p=43276","title":{"rendered":"\u2018Stock-market correction is over\u2019 after broad surge amid \u2018epic\u2019 market rallies"},"content":{"rendered":"
\n

The S&P 500\u2019s big jump amid last week\u2019s \u201cepic rallies\u201d for stocks and bonds was driven in part by interest-rate-sensitive sectors that broadened the breadth of the index\u2019s gains, putting it on course for a rally into year-end, according to Yardeni Research.<\/p>\n

\u201cAll 11 sectors gained ground last week, many enjoying their best week in nearly a year,\u201d said Yardeni analysts led by the firm\u2019s president and chief investment strategist Ed Yardeni, in a note Monday. \u201cWe think the stock market\u2019s correction is over and that the S&P 500 is back on track to end the year at 4,600.\u201d<\/p>\n

\n

U.S. stocks finished higher Monday, with the S&P 500 index
\n SPX
\n edging up to about 4,366 after last week scoring its biggest weekly percentage gain since November 2022. After a group of seven so-called Big Tech stocks has fueled the S&P 500\u2019s rally so far in 2023, investors are keeping an eye out for any signs of the market gauge\u2019s breadth broadening as it rises.\u00a0<\/p>\n

\u201cThe plunge in the bond yield boosted the valuation multiples of technology stocks as well as the more traditional interest-rate sensitive ones,\u201d the Yardeni analysts said of last week\u2019s rally.\u00a0<\/p>\n

Real estate was the S&P 500\u2019s best-performing sector last week, ripping 8.5% higher, while financials and consumer discretionary had the next biggest gains, the firm\u2019s note shows.\u00a0<\/p>\n

How S&P 500 sectors stacked up last week<\/h4>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n S&P 500 sector<\/strong><\/p>\n<\/td>\n\n %Performance<\/strong><\/p>\n<\/td>\n<\/tr>\n
\n Real estate<\/p>\n<\/td>\n\n 8.5<\/p>\n<\/td>\n<\/tr>\n
\n Financials<\/p>\n<\/td>\n\n 7.4<\/p>\n<\/td>\n<\/tr>\n
\n Consumer discretionary<\/p>\n<\/td>\n\n 7.2<\/p>\n<\/td>\n<\/tr>\n
\n Information technology<\/p>\n<\/td>\n\n 6.8<\/p>\n<\/td>\n<\/tr>\n
\n Communication services<\/p>\n<\/td>\n\n 6.5<\/p>\n<\/td>\n<\/tr>\n
\n Industrials<\/p>\n<\/td>\n\n 5.3<\/p>\n<\/td>\n<\/tr>\n
\n Utilities<\/p>\n<\/td>\n\n 5.2<\/p>\n<\/td>\n<\/tr>\n
\n Materials<\/p>\n<\/td>\n\n 5.1<\/p>\n<\/td>\n<\/tr>\n
\n Healthcare<\/p>\n<\/td>\n\n 3.5<\/p>\n<\/td>\n<\/tr>\n
\n Consumer staples<\/p>\n<\/td>\n\n 3.2<\/p>\n<\/td>\n<\/tr>\n
\n Energy<\/p>\n<\/td>\n\n 2.3<\/p>\n<\/td>\n<\/tr>\n
\n Source: Yardeni Research note<\/p>\n<\/td>\n\n <\/td>\n<\/tr>\n<\/table>\n

Read:<\/strong> Home-builder ETFs surged, exceeding the Dow\u2019s big gains<\/p>\n

The U.S. stock market\u2019s broad jump last week led the S&P 500
\n SPX,<\/span>
\n Dow Jones Industrial Average
\n DJIA
\n and Nasdaq Composite
\n COMP
\n to a strong start to November, after the indexes slumped in the previous three consecutive months.\u00a0<\/p>\n

\u201cFrom August through October, investors were spooked by the jump in the 10-year U.S. Treasury bond yield from 3.96% on July 31 to 5.00% a week ago,\u201d the Yardeni analysts said.\u00a0<\/p>\n

U.S. stock prices broadly climbed last week as Treasury bond yields fell, with the rate on the 10-year Treasury note seeing its biggest weekly decline since March to finish Friday at 4.557% based on 3 p.m. Eastern Time levels, according to Dow Jones Market Data.\u00a0<\/p>\n

Last week\u2019s \u201cepic\u201d bond-market rally carried the 10-year Treasury note yield \u201cdown to a more comfortable distance from 5.00%,\u201d the Yardeni analysts wrote. They said the move was \u201cfueled by modestly bullish economic news that seems to have triggered a massive short-covering rally by the bears and a buying panic by the bulls.\u201d\u00a0<\/p>\n

The 10-year Treasury yield
\n BX:TMUBMUSD10Y
\n rose Monday to 4.662%, according to Dow Jones Market Data. Bond yields and prices move in opposite directions.<\/p>\n

Meanwhile, \u201cthe stock market seems to be following the classic seasonal year-end script of weakness in September and October setting the stage for a Santa Claus rally,\u201d the Yardeni analysts said.<\/p>\n

See:<\/strong> Dow scores best week since October 2022 as stocks rise after soft jobs report<\/p>\n

The S&P 500 rallied 5.9% last week, with its real estate
\n XX:SP500.60,<\/span>
\n financials
\n XX:SP500.40,<\/span>
\n consumer-discretionary
\n XX:SP500.25,<\/span>
\n tech
\n XX:SP500.45
\n and communication-services
\n XX:SP500.50
\n sectors all beating the broader index over the same period.<\/p>\n

Big Tech in 2023<\/h4>\n

Meanwhile, the S&P 500\u2019s best-performing sectors so far in 2023 are communication services, tech and consumer discretionary, each with huge double-digit gains.<\/p>\n

Big Tech stocks, which include seven giant companies that fall across all three of those sectors, have a heavy weighting in the S&P 500 index.\u00a0<\/p>\n

Chip maker Nvidia Corp.
\n NVDA,
\n +1.66%<\/bg-quote>
\n has by far the biggest gains among Big Tech stocks in 2023. Shares of the tech company, with a market valuation of more than $1 trillion, have skyrocketed 213% so far this year through Monday, according to FactSet data.<\/p>\n

The next biggest 2023 stock gains in the Big Tech group are from Facebook parent Meta Platforms Inc.,
\n META,
\n +0.38%<\/bg-quote>
\n which has soared about 162%, followed by Tesla Inc.
\n TSLA,
\n -0.31%<\/bg-quote>,<\/span>
\n whose shares have surged 78%, and then Amazon.com Inc.\u2019s
\n AMZN,
\n +0.82%<\/bg-quote>
\n jump of around 66%, according to FactSet.\u00a0<\/p>\n

But real estate and financials, the S&P 500\u2019s top two sectors in last week\u2019s rally, remain down so far in 2023, with each sector falling Monday. By contrast, the S&P 500 has risen 13.7% this year.<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The S&P 500\u2019s big jump amid last week\u2019s \u201cepic rallies\u201d for stocks and bonds was driven in part by interest-rate-sensitive sectors that broadened the breadth of the index\u2019s gains, putting it on course for a rally into year-end, according to Yardeni Research. \u201cAll 11 sectors gained ground last week, many enjoying their best week in […]<\/p>\n","protected":false},"author":1,"featured_media":43277,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[33],"tags":[],"class_list":{"0":"post-43276","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-markets"},"yoast_head":"\n\u2018Stock-market correction is over\u2019 after broad surge amid \u2018epic\u2019 market rallies | Prosfunds<\/title>\n<meta name=\"description\" content=\"The S&P 500\u2019s big jump amid last week\u2019s \u201cepic rallies\u201d for stocks 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