US stocks weekly: Spooky

Microsoft

Today 20:38

** S&P 500 .SPX falls third consecutive week, sags 0.6% as jitters around the AI trade resurface .N
** Dow .DJI down 0.9%, tech-heavy Nasdaq Composite .IXIC sheds 2%
** Momentum held the lead, but with October rotation, defensive dividends NOBL.K now the year's top factor horse
** US 10-Year Treasury yield US10YT=RR on track for fourth straight week of declines to around 4.93% as AI rout sparks safe-haven hunt US/
Retreat puts key trend support in focus
** From a sector perspective, just Communication Services and Technology petrified, while bond-proxies and Healthcare shoo away the ghosts
** Communication Services .SPLRCL dives 8.5%. Facebook parent Meta META.O dips after upsized $37.5 bln haul for AI buildout 
Google owner Alphabet GOOGL.O tumbles as advertising rev miss, AI spending fuel concerns over returns
Reddit RDDT.N plummets after flagging Google AI search-driven traffic headwinds
** Tech .SPLRCT falters 1.8%. AI-linked and chip stocks rally on Mon after Anthropic files for potential record-breaking IPO
However, Intel INTC.O plunges after weak outlook, cash burn warning, and clips chip sector
Semiconductor index .SOX creeps 0.8% lower
Microsoft MSFT.O initially rises, but finishes down marginally after co forecasts strong cloud growth and free cash flow beats expectations
FICO FICO.N slides on Wall Street downgrades after co holds mortgage score pricing at $10 for lenders
** Consumer Discretionary .SPLRCD up 1%. Though Amazon AMZN.O drops as AI spending drives cash burn, Q4 rev forecast disappoints, eclipsing fastest cloud growth in five years
** Energy .SPNY up 1%. Group advances as oil prices surge on supply concerns due to fears over US-Iran conflict escalation, Hormuz tanker attack O/R
Chevron CVX.N gains after refining strength drives Q3 earnings beat and ExxonMobil XOM.N rises after surpassing profit expectations on war-fueled refining surge
** Financials .SPSY gain 1.1%. Even so, crypto-linked stocks Coinbase COIN.O and Robinhood HOOD.O stumble after hackers steal $6.3 bln from Binance
** Industrials .SPLRCI climb 1.7%. But Boeing BA.N falls after slower-than-expected 737 production, weaker cash flow outlook
** Utilities .SPLRCU rise 2%. Did utilities see the yield peak coming?
** Healthcare .SPXHC rallies 3.1%. Eli Lilly LLY.N jumps after lifting annual rev outlook as weight-loss shot demand soars
** Meanwhile, pessimism eases, but AAII investors remain wary
** SPX performance YTD:
     
Energy
56.6%
Healthcare
19.4%
Tech
19.1%
Staples
15.9%
Materials
14.5%
SPX
10.7%
Industrials
7.9%
Real Estate
7.9%
Financials
3.1%
Utils
1.7%
Discretionary
-2.6%
Comm Svcs
-11.8%
     
​

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