Historic stock rally faces key test
The S&P 500 has rallied nearly 20% in the last nine weeks, an historic surge that has made even the most bullish investors blush. And
The S&P 500 has rallied nearly 20% in the last nine weeks, an historic surge that has made even the most bullish investors blush. And while its nine-day winning streak appears at risk, two key tech companies reporting earnings after the bell could determine the next move higher or lower: Broadcom, the chipmaking giant that doubles as a software provider, and Crowdstrike, a cybersecurity leader that's helping lift cloud stocks out of a bear market.
At more than $2 trillion, Broadcom is now bigger than two of the "Magnificent Seven" stocks and is up just shy of 40% year-to-date, far outperforming any of its mega-cap peers in the top 10 stocks of the S&P 500. That brings its 1-year move to 88%, compared to 29% in the Mag-7 ETF (MAGS).
Traders are preparing for an 8% swing in AVGO after earnings, according to the options-implied move. That's about standard for the stock, which has moved
a median 9.9% after earnings over the past two years, according to Cboe LiveVol data
The BriefWire