US stocks weekly: Fumble!

FMC

07/02/2025 21:46

** S&P 500  .SPX  ends week down 0.2% as trade war fears help sack Wall Street on Fri  .N 
    ** Dow  .DJI  retreats 0.5%, snapping 3-week winning run, and Nasdaq composite  .IXIC  slips 0.5%
** For second week in a row, traders faced a Monday morning rout, but SPX finds support, rallies
** This, as the Nasdaq composite see lots of chop, as tries to avoid a bigger drop, amid an internal struggle
** U.S. 10-Year Treasury yield  US10YT=RR  falls to lowest level since mid-Dec, before clawing back to 4.50% area; this as it flirts with the Clouds
    ** In the end, however, a majority of sectors make modest gains; Consumer Staples and Real Estate hit paydirt, while Communication Services and Consumer Discretionary get blitzed
** Consumer Staples  .SPLRCS  rally 1.6%. Philip Morris  PM.N  rises to record high after forecasting annual profit above estimates
** Energy  .SPNY  advances 1%. Group rises as Trump set to reimpose 'maximum pressure' on Iran
** Tech  .SPLRCT  tacks on 0.8%. Palantir  PLTR.O  surges 34% as AI drives strong annual, Q1 rev forecasts
Though Apple  AAPL.O  supplier Skyworks  SWKS.O  plummets as competition dents mobile segment outlook, SWKS sheds 26%. Advanced Micro  AMD.O  hits 15-month low after AI chip revenue disappoints
    Semiconductor index  .SOX  edges lower by 0.1%
** Healthcare  .SPXHC  off 0.3%. Merck  MRK.N  falls on dour 2025 outlook as it pauses Gardasil vaccine shipments to China
** Materials  .SPLRCM  down 0.6%. Agrichemicals producer FMC  FMC.N  sinks 38% as Q1 rev forecast below consensus due to weak demand
** Communication Services  .SPLRCL  fades 2.1%. Google parent Alphabet  GOOGL.O  tumbles as cloud growth concerns, heavy capex unnerve investors
** Consumer Discretionary  .SPLRCD  thrown for a 3.6% loss.  Amazon.com  AMZN.O  down on Fri as cloud growth, sales forecast miss estimates
** Meanwhile, individual investors  since early-November 2023, and this isn't just any given Sunday, it's Super Bowl Sunday!
    ** SPX performance YTD:
     
 Financials                  7.0%
 Comm Svcs                   6.7%
 Healthcare                  6.3%
 Materials                   4.9%
 Industrials                 4.2%
 Staples                     3.5%
 Utils                       3.1%
 Real Estate                 3.0%
 Energy                      3.0%
 SPX                         2.5%
 Discretionary               0.7%
 Tech                        -2.1%
     
     

(Lance Tupper and Terence Gabriel are Reuters market analysts. The views expressed are their own)
((lance.tupper@tr.com ;  terence.gabriel@tr.com))