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SAN FRANCISCO (Reuters) - Technology stocks are extending their leadership on Wall Street as the S&P 500 trades near its all-time high, with Advanced Micro Devices Inc , Xilinx Inc and Xerox Corp among the top performers since last December’s sell-off that stirred fear of an end to a decade-long bull market. The S&P 500 has surged 22% since Dec. 24, when fears of higher interest rates knocked the index to an 18-month low. Silicon Valley has delivered the strongest gains during that time, with the S&P 500 information technology index jumping 32%, followed by consumer discretionary’s 28% rally.
The S&P 500 on Tuesday seattle transit token cufflinks | uk dipped 0.61%, putting an end to eight straight sessions of gains, It is down less than 2% from its Sept, 20 record high close, The so-called FANG stocks, plus Apple Inc , have outperformed the wider market, with Netflix Inc surging 56% since Dec, 24, followed by Facebook Inc , rallying 43% as digital advertisers spent more money on the social network even after a series of high-profile embarrassments for the company, Following the S&P 500’s gains in the past quarter, its current valuation of 16.6 times expected earnings is back above its average of 16.1 over the past 20 years, according to Refinitiv data..
Establishing a fresh record high on the S&P 500 would confirm that Wall Street’s bull market remains intact following its nearly 20% sell-off in the final quarter of 2018. At the same time, stock market investors are hotly debating whether the U.S. economy is nearing its first recession since 2009. Leading gains among S&P 500 stocks since Dec. 24 is Chipotle Mexican Grill Inc , surging 84% as investors bet on the burrito chain’s turnaround under CEO Brian Niccol, who joined from Taco Bell last year. Technology companies account for half of the 10 top performing S&P 500 stocks during the same time period, including Arista Networks Inc and Cadence Design Systems Inc .
Kraft Heinz Co has been the S&P 500’s poorest performer since Dec, 24, its stock crippled in February after the processed food company wrote down seattle transit token cufflinks | uk the value of its Kraft and Oscar Mayer brands by $15.4 billion, Walgreens Boots Alliance Inc suffered the second-largest drop during that time, down 16% as the retailer struggles with low generic drug prices, Of the S&P 500’s 10 best performers, Chipotle, Xilinx, Keysight Technologies Inc and Cadence are trading at forward earnings multiples significantly above their five-year averages, suggesting their recent rallies might have become overextended..
DUBAI/LONDON (Reuters) - Saudi Aramco’s debut $12 billion bonds booked at best modest gains on Wednesday, their first trading day after some $100 billion in orders, suggesting part of the record-breaking demand was inflated, three banking and investment sources said. Aramco chose to only issue $12 billion of debt, as its focus was to obtain favorable pricing to set a benchmark for its future financing activities. With almost $90 billion in demand left on the table, traders and fund managers expected the bonds to shoot up in value on Wednesday, but their performance was tepid.
“The price was a bit inflated as there was a lot of excitement and even hubris around this issue and I would imagine that some of the buyers may have flipped it in the market today,” said a London-based fund manager who looked at the deal but decided not to invest in it, One trader and a senior banker said that, after realizing the seattle transit token cufflinks | uk deal would have been oversubscribed, investors boosted their orders to increase their chances to get a piece of the issuance, Aramco’s longest-dated tranche, a $3 billion bond due in 2049, gained value in the secondary market, adding more than one cent on the dollar..
But some of the shorter-dated bonds were flat or even lower than where they priced on Tuesday, and lower than in pre-sale grey market trading. The tranche with the shortest duration, a $1 billion bond due in 2022, was trading below the reoffer value at which it was sold on Tuesday, the trader said. Speaking on condition of anonymity, he estimated that demand for Aramco’s bonds was inflated by 20-30 percent due to the expected oversubscription. “We are seeing the truth of how much (of the demand) was fluff,” added a fund manager who participated in the deal.
Still, Aramco’s issue was widely regarded as successful, “Despite the usual seattle transit token cufflinks | uk padding, (demand) has definitely outstripped previous highs for emerging market borrowers,” said Angad Rajpal, head of fixed income at Emirates NBD Asset Management, The 2046 and 2047 Saudi dollar bonds were down almost one cent - their biggest daily decline since early March, according to Tradeweb - suggesting some players switched their exposure from the sovereign to Aramco, Aramco’s staggering finances - with core earnings of $224 billion last year and $86 billion in free cash flow at the end of 2018 - allowed it to target a combination of emerging markets and high-grade investors..