U.S. stocks weekly: Wings clipped

Marathon Oil

03/06/2024 11:00

(Repeats from Friday with no changes to text. Updates chart)
    ** S&P 500  .SPX  snaps five-week win streak, dips 0.5% amid
interest rate concerns  .N 
    ** Benchmark U.S. 10-Year Treasury yield  US10YT=RR   hits
4-week highs ahead of the Fed's preferred inflation barometer,
but then on Fri reverses back below a key Fibonacci retracement
line
    ** Nasdaq  .IXIC  also snaps five-week win streak, though
both it, SPX, and the Dow  .DJI  rise for the month
    ** That said, as for the Dow, until Fri, the force has been
especially weak with this one
    ** In the end, just a minority of sectors lose altitude;
Tech dives, while Energy ascends most
    ** Tech  .SPLRCT  slides 1.5%. Salesforce  CRM.N  tumbles
~14% as weak cloud demand hurts forecasts
    Semiconductor index  .SOX  fades ~2%
    ** Industrials  .SPLRCI  falter 0.8%. American Airlines
 AAL.O  falls 17% after lowering Q2 forecast as CEO blames sales
strategy changes for softer customer bookings
    NYSE Arca Airline Index  .XAL  drops >1%
    ** Consumer Discretionary  .SPLRCD  edges down 0.3%. Best
Buy  BBY.N  jumps ~19% after profit beat as electronics retailer
sees laptop upgrades driving renewed demand. WYNN Resorts
 WYNN.O  rallies Fri, ends slightly green for the week, as
Seaport Research upgrades to "buy"
    ** Energy  .SPNY  vaults 2%. Marathon Oil  MRO.N  gains
after ConocoPhillips'  COP.N  $22.5 bln all-stock buyout
    Hess  HES.N  shareholders sign off on $53 bln sale to
Chevron  CVX.N , though deal faces regulatory approval and
lengthy arbitration battle with Exxon Mobil  XOM.N  and CNOOC
 0883.HK . For the week, HES up ~2%, CVX adds ~3%, XOM advances
~3.4%
    ** Meanwhile, Individual Investor bulls take a sharp step
back - AAII
    ** SPX performance YTD:    

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SP 500 2024 YTD THROUGH MAY    https://tmsnrt.rs/4aPIp5c
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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))