U.S. stocks weekly: Interest-ing times

AES

09/10/2023 11:00

(Repeats from Friday, updates chart)
    ** S&P 500  .SPX  snaps four-week losing streak, edges up
0.5% as interest rates dictate trading direction  .N 
    ** Indeed, stocks on Fri dropped initially after strong jobs
report, but then rallied to end sharply higher as yields eased
    ** Benchmark U.S. 10-year note  US10YT=RR  on Fri reached
4.887% and 30-year yield  US30YT=RR  hit 5.053%, both highest
since 2007
    ** In the end, most sectors retreat: Energy dives and
surging Treasury yields upend bond proxies, while tech and
communication services cash in
    ** Energy  .SPNY  slides 5.4%. Oil firms decline on
uncertain demand outlook.  O/R 
    Exxon Mobil  XOM.N  slips Fri on news of late-stage talks
for $60 bln buyout of Pioneer Natural Resources  PXD.N 
    ** Consumer Staples  .SPLRCS  shed 3.1%. McCormick & Company
 MKC.N  down ~15% on week as investors lose taste after spice
seller's qtrly sales miss. Packaged food, beverage makers drop
as analysts see risks from weight-loss drugs
    And Kellanova  K.N  soggy after spinning off its North
American cereal business into new independent firm WK Kellogg Co
 KLG.N 
    ** Utilities  .SPLRCU  drop 2.9%. Group hammered as yields
keep climbing. Nextera  NEE.N  extends slump as KeyBanc steps to
sidelines
    ** Consumer Discretionary  .SPLRCD  dips 0.3%. Tesla's
 TSLA.O  qtrly deliveries miss estimates. Still, TSLA notches 4%
weekly gain
    ** Tech  .SPLRCT  advances 2.9%. Intel  INTC.O  gains on
plans to spin out programmable chip unit. Semiconductor index
 .SOX  lifts >1%
    ** Communication Services  .SPLRCL  jump 3.1%. Alphabet
 GOOGL.O  rises after Google launches Pixel 8 smartphones
    ** Meanwhile, high rates may not be the death knell for
stocks, strategist says. This as more bears growling, per latest
AAII survey
    ** SPX performance YTD: 

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SP 500 2023 YTD THROUGH OCTOBER 6    https://tmsnrt.rs/3PFGtnq
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 (Lance Tupper is a Reuters market analysts. The views expressed
are his own)
 ((lance.tupper.tr.com@reuters.net
lance.tupper@tr.com))