U.S. stocks weekly: Hangover

Callon Petroleum Co

08/01/2024 11:00

(Repeats from Friday with no changes to text. Updates chart)
    ** S&P 500  .SPX  snaps 9-week winning streak, loses 1.5% in
sluggish start to 2024 as investors recalibrate expected
interest rate cuts  .N 
    ** Indeed, traders eye support as longest SPX weekly win
streak since 2004 ends. Benchmark index has worst 4-day start to
a year since 2016 
    ** This, as small-cap tech stamps its feet vs large-cap tech
    ** Majority of sectors begin the new year feeling lousy:
tech and consumer discretionary biggest headaches, while
healthcare and utilities raise the shades 
    ** Tech  .SPLRCT  sags 4.1%. Apple  AAPL.O  hits 7-week low
after Barclays issues rare "sell" equivalent rating on device
demand concerns, and slips further after another downgrade
    Chip stocks tumble after strongest year since 2009;
semiconductor index  .SOX  slides ~6%
    Tech was timely in '23, but what could be in store in '24?
    ** Consumer Staples  .SPLRCS  flat. But Walgreens  WBA.O 
slumps ~4% as it nearly halves dividend to save more cash amid
low consumer spending, intense competition
    ** Financials  .SPSY  tick up 0.3%. Citigroup  C.N  gains as
Wells Fargo analyst hikes PT, sees stock doubling over 3 years.
C rises nearly 6%
    ** Energy  .SPNY  lifts 1.1%. Sector up as Middle East
tensions prevail  O/R .
    Though Permian basin oil producer APA Corp  APA.O  drops on
$4.5 bln buyout of Callon Petroleum  CPE.N  
    ** Healthcare  .SPXHC  rallies 2.1%. Eli Lilly  LLY.N 
launches website, home delivery option for weight-loss drug. LLY
notches 6% weekly gain
    ** Meanwhile, what happens when Santa's sleigh gets stuck?
And the January effect - too soon? 
    ** SPX performance YTD:    

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SP 500 2024 YTD THROUGH JANUARY 5    https://tmsnrt.rs/3TLKR85
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 (Lance Tupper and Terence Gabriel are Reuters market analysts.
The views expressed are their own)
 ((lance.tupper.tr.com@reuters.net
lance.tupper@tr.com
terence.gabriel.tr.com@reuters.net
terence.gabriel@tr.com))